2024

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Trader Gert van Lagen has put forward a bold <a href="https://twitter.com/GertvanLagen/status/1746850289380978742" rel="noopener noreferrer nofollow">prediction</a> that Bitcoin could climb to a head-spinning $200,000 before the network's next halving event.
Citing the Elliott Wave theory as the backbone of his prediction, van Lagen's forecast hinges on a critical support level at $31.8K — dip below that, and it is back to the drawing board.
Amid a sea of market speculators and analysts, Bitcoin is currently trading at a somewhat modest $42,396.33, a notch up by 1.1%.
<h2 id="major-spike-before-halving">Major spike before halving?</h2>
The chart attached to van Lagen's prediction showcases a classic Elliott Wave sequence, which posits that markets move in predictable, repetitive cycles influenced by investor psychology.&nbsp;
These cycles are composed of a five-wave trend followed by a three-wave corrective period.&nbsp;
<blockquote>
 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> [1W] Elliottwave-count parabolic move to $200k before halving.Invalidation: drop to $31.8k <a href="https://t.co/C34Rt6u6CE" rel="noopener noreferrer nofollow">pic.twitter.com/C34Rt6u6CE</a>— Gert van Lagen (@GertvanLagen) <a href="https://twitter.com/GertvanLagen/status/1746850289380978742?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 15, 2024</a>
</blockquote>
According to van Lagen’s analysis, <a href="https://u.today/bitcoin-to-hit-1-million-in-days-says-samson-mow-but-theres-catch" rel="noopener noreferrer nofollow">Bitcoin</a> has embarked on a parabolic journey, currently in its fifth and final wave, pointing toward a $200,000 target.
This bullish trend, supported by the theory, suggests an aggressive accumulation phase by investors ahead of the halving.
However, the Elliott Wave Theory should be approached with a healthy dose of skepticism. Its main critique lies in its subjectivity: different traders can interpret the patterns differently, which can lead to varying predictions that may not necessarily be accurate.
<h2 id="big-names-still-bullish">Big names still bullish</h2>
After Bitcoin wobbled below the $42,000 mark recently, market participants are seemingly becoming <a href="https://twitter.com/coingecko/status/1746732854435037481" rel="noopener noreferrer nofollow">less greedy</a>.&nbsp;
The recent introduction and subsequent cooling off of Bitcoin ETFs have been a wild ride, with a spike to $49,000 followed by a dip as traders took profits.
But not everyone is looking to cash out. Big names are still in the ring, with Anthony Scaramucci throwing a punchy prediction that Bitcoin's price will not just reclaim its peak but soar past it by the end of next year.

Bitcoin Price Might Reach $200,000 Before Halving, Trader Predicts

Table of Contents

U_Today

Other articles published on Jan 15, 2024

Tether emerges as a tool in Southeast Asia money laundering

Bitcoin Fear & Greed Index Plunges To Neutral Zone As BTC Tumbles After Bitcoin ETF Approvals

Harga SOL Diprediksi Akan Cetak Tertinggi Baru di Tengah Kekhawatiran Pasar Terkini

Decoding the AI’s Carbon Challenges – Can AI Save Jobs and the Planet?

Tripadvisor To Make Travel Decisions Easier Using Metaverse

XAI Coin Soars Following Elon Musk’s AI Initiative

Join our free newsletter for daily crypto updates!