Bitcoin Bulls Charge: $300K Target in Sight

Coin WorldTuesday, Mar 4, 2025 6:06 pm ET

1min read

Bitcoin's price action has been displaying strong bullish signals, with a rare Inverse Head and Shoulders pattern recently breaking out and retesting its neckline. This technical setup suggests that Bitcoin could be gearing up for a significant rally, potentially reaching $300,000 in the near future.

Crypto analyst Gert van Lagen recently forecast an imminent Bitcoin price surge to $300,000 on X (formerly Twitter). He presented a detailed price chart depicting the formation of an Inverse Head and Shoulders pattern, which is a classic technical indicator signaling a shift from a bearish trend to a bullish trend. The pattern consists of a left shoulder, head, right shoulder, and neckline.

Bitcoin broke above the pattern's neckline around the $86,972 price point. A successful retest of this neckline could solidify Bitcoin's bullish move, as historically, once this pattern is confirmed, cryptocurrencies tend to witness significant upside momentum. Based on the measured move of the Inverse Head and Shoulders, Lagen predicts that Bitcoin is on track to reach $300,000 this bull cycle, representing a 258.4% increase from its current market price.

Supporting this bullish outlook is a parabolic step-like formation on the Bitcoin price chart. Lagen revealed that this follows a series of formations from Base 1 to 4 before triggering an explosive price rally. Currently, Bitcoin has completed Base 3 and is entering its final parabolic phase. This technical formation aligns with the Elliott Wave theory, suggesting that a strong Wave 5 could result in a significant price surge.

While the analyst is confident in his $300,000 Bitcoin price projection, he warns that it could be completely invalidated if BTC drops below $72,900 in the weekly timeframe. A break below this threshold could signal a deeper price correction and delay the rally.

Despite the optimistic outlook, Bitcoin has been experiencing bearish momentum. In just 24 hours, the cryptocurrency lost virtually all the price gains it had accumulated since President Donald Trump announced plans for a crypto reserve. Bitcoin was trading above $92,000 the previous day but has since lost 9.18% in the last 24 hours and a whopping 16

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