Bitcoin

Bull Market

Bitcoin (BTC) has witnessed a remarkable ascent, surpassing the $57,000 mark and recording a year-to-date surge of over 142%. The cryptocurrency’s market capitalization has also surged towards $1.14 billion, reaching levels not seen since December 2021. With the previous <a href="https://www.newsbtc.com/news/bitcoin/bitwise-ceo-bitcoin-ipo-moment-what-it-means-for-price/" target="_blank" rel="noopener ">all-time high</a> (ATH) of $69,000 within sight, the bullish sentiment surrounding Bitcoin is becoming increasingly evident. 
<h2 id="setting-eyes-on-100-000-and-200-000">Setting Eyes On $100,000 And $200,000.</h2> 
Prominent Bitcoin maximalist Max Keiser, known for his optimism even during the harshest bear markets, has <a href="https://x.com/maxkeiser/status/1762296287733440754?s=20" target="_blank" rel="noopener nofollow">suggested </a>the possibility of a “God Candle” scenario given the current market conditions. 
To provide further context, this term describes a vast and powerful candlestick pattern on a price chart that indicates a significant and sudden price movement. According to <a href="https://www.newsbtc.com/news/bull-run-returns-bitcoin-breaks-through-57000-barrier/" target="_blank" rel="noopener ">Keiser</a>, if such a pattern were to emerge, it could propel Bitcoin toward the $100,000 price level, shattering its previous record.&nbsp; 
Traders and analysts interpret a “God Candle” as a highly bullish signal, reflecting robust buying pressure and the potential for a trend reversal or continuation. It often signifies a notable shift in market sentiment and catalyzes further price appreciation. 
Adding to the optimistic outlook for Bitcoin, crypto analyst Gert van Lagen has <a href="https://x.com/GertvanLagen/status/1762192859862560770?s=20" target="_blank" rel="noopener nofollow">projected </a>a target of $200,000 for BTC. Analyzing the 1-week chart, van Lagen notes that Bitcoin’s price has been following a “parabolic trajectory” since November 2022 and is on track to reach $200,000 soon.&nbsp; 
According to the analyst, this parabolic pattern aligns with the previous fifth sub-waves that have historically similarly intersected the blue trendline, as seen in the chart below.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-577105" src="https://www.newsbtc.com/wp-content/uploads/2024/02/GHSMHHxXwAAoexH.jpeg?w=860&amp;resize=860%2C725" alt="Bitcoin " width="860" height="725" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/GHSMHHxXwAAoexH.jpeg?w=1190 1190w, https://www.newsbtc.com/wp-content/uploads/2024/02/GHSMHHxXwAAoexH.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/GHSMHHxXwAAoexH.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/GHSMHHxXwAAoexH.jpeg?w=860&amp;resize=860%2C725 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/GHSMHHxXwAAoexH.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/GHSMHHxXwAAoexH.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Notably, van Lagen points out that a breach of the 78.6% Fibonacci retracement level, which Bitcoin has already crossed, tends to trigger an immediate parabolic spike. 
Finally, the analyst highlights the rising risk-on sentiment in the stock market and the strong correlation between Bitcoin and the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-surges-to-new-26-month-high-whales-go-parabolic-as-analyst-forecasts-rally-toward-60500/" target="_blank" rel="noopener ">S&amp;P 500</a> since late 2021 as additional support for this bullish forecast. 
<h2 id="bull-market-cycle-for-bitcoin-until-2025">Bull Market Cycle For Bitcoin Until 2025?</h2> 
Renowned market expert Peter Brandt <a href="https://x.com/PeterLBrandt/status/1762303814156308957?s=20" target="_blank" rel="noopener nofollow">revised </a>his Bitcoin price target in a recent post on social media X (formerly Twitter), raising it from $120,000 to $200,000.&nbsp; 
Brandt attributes this adjustment to Bitcoin’s recent breakthrough above the upper boundary of a 15-month channel, indicating a potential bull market cycle until August or September 2025. However, the analyst says a close below last week’s low of $50,600 would invalidate this interpretation.&nbsp; 
As Brandt points out, the $50,600 price level represents a 1-week resistance level for the largest cryptocurrency on the market, which, in the event of a<a href="https://www.newsbtc.com/analysis/sol-price-restarts-rally-solana-surge-10/" target="_blank" rel="noopener "> price correction</a>, as has historically happened whenever a sudden price spike occurs in BTC’s price action, Bitcoin would likely retest the $49,900 support level on its weekly chart. A drop towards $47,000 could be imminent in a more extreme scenario. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/MH0fuCog/" alt="Bitcoin " width="1815" height="858"> 
However, with Bitcoin currently trading at $56,800, up 4.2% in the last 24 hours, its <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-3250/" target="_blank" rel="noopener ">bullish uptrend</a> seems far from over, potentially leading to a parabolic continuation of its price, as van Lagen and other analysts suggested. 
Featured image from Shutterstock, chart from TradingView.com

Bitcoin Maximalist Forecasts ‘God Candle’ Formation Propelling BTC To $100,000

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