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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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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 all-time high (ATH) of $69,000 within sight, the bullish sentiment surrounding Bitcoin is becoming increasingly evident.

Setting Eyes On $100,000 And $200,000.

Prominent Bitcoin maximalist Max Keiser, known for his optimism even during the harshest bear markets, has suggested 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 Keiser, if such a pattern were to emerge, it could propel Bitcoin toward the $100,000 price level, shattering its previous record. 

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.

Related Reading

Bitcoin Surges To New 26-Month High, ‘Whales Go Parabolic’ As Analyst Forecasts Rally Toward $60,500

1 year ago

Adding to the optimistic outlook for Bitcoin, crypto analyst Gert van Lagen has projected 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. 

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. 

Bitcoin
BTC’s price targets are based on previous parabolic patterns. Source: Gert van Lagen on X

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 S&P 500 since late 2021 as additional support for this bullish forecast.

Bull Market Cycle For Bitcoin Until 2025?

Renowned market expert Peter Brandt revised his Bitcoin price target in a recent post on social media X (formerly Twitter), raising it from $120,000 to $200,000. 

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. 

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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 price correction, 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.

Bitcoin
The daily chart shows BTC’s price trending upward. Source: BTCUSD on TradingView.com

However, with Bitcoin currently trading at $56,800, up 4.2% in the last 24 hours, its bullish uptrend 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

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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