Bitcoin trader and expert Gert van Lagen believes that the market is preparing for a dramatic upheaval.
Van Lagen emphasised the development of a “perfect head-and-shoulders bottom” below the weekly simple moving average (SMA) during the previous 200 days in a tweet he shared with his followers. Typically, this pattern is interpreted as a bullish indicator.
Further describing a successful double bullish retest of the neckline/SMA200, Van Lagen tweeted that there was a high likelihood of higher momentum.
He also indicated a “perfect bear trap” that, in his opinion, had just been finished. This claim implies that pessimistic traders who may have expected additional declines may find themselves on the wrong side of a potential price rally, thus the phrase “bear trap.”
According to Van Lagen’s study of the trajectory of Bitcoin, a sharp price increase known as a “blowoff top” is expected.
JPMorgan’s latest Bitcoin prediction
The positive research agrees with previous forecasts made by financial behemoth JPMorgan. The company’s strategists, under the direction of Nikolaos Panigirtzoglou, predicted that Bitcoin might eventually be worth $45,000. They contend that this estimate for Bitcoin is credible given the growing gold price, which is currently above $2,000, and the approximate $3 trillion market worth of gold held for investment reasons outside of central banks.
The supposition is that, after accounting for risk capital, the amount of Bitcoin in private investor portfolios may equal that of gold.
According to CoinGecko, the price of one bitcoin is currently $26,783, having decreased by more than 60% from its all-time high of $69,044.77 in November 2021.
