Bitcoin price has now he returned to full bullish mood now that the cryptocurrency fear and greed index has turned into greed. This change reflects growth trust among investors with the emergence of optimism in the cryptocurrency market. For many investors, this renewed positive outlook means: forceful foundation for further profits at the price of Bitcoin.

According to a cryptocurrency analyst, Bitcoin is ready to finally enter the $300,000 price level. Interestingly, this outlook is not based solely on current bullish sentiment, but the analyst moves away from technical analysis of Bitcoin’s current price action.

Final entry into the Bitcoin price

Crypto analyst Gert van Lagen shared on social media platform X some intriguing predictions for Bitcoin and its price action this year in featherlight of the recent US presidential election and its impact on the price. Speaking about Bitcoin’s intriguing price prospects, analyst van Lagen emphasized that Bitcoin is still on track to reach $250,000 this year.

His view appeared in a amusing poem and pun about Bitcoin’s price action in August, which he titled “#Bitcoin – last entry.” The analyst also shared a BTC price chart along with technical analysis.

The highlight of van Lagen’s analysis is a detailed look at the cup and handle pattern that has been developing on the Bitcoin price chart since the 2022 bear market. According to his analysis, the “bucket” part of this pattern began to form in early 2022 and ultimately ended with Bitcoin rising above its previous all-time high in 2021 in March 2024. The next phase of consolidation, which lasted until October, is “reaching pattern fragment.

With recent Bitcoin inflows driving Bitcoin to recent all-time highs, the price has broken out from the neck of a long-running cup and handle pattern, marking the beginning of what van Lagen calls the “final high.”

What’s next for Bitcoin?

The cup and handle pattern is common seen as a bullish continuation signal. Breakouts from this pattern often indicate that the asset is about to experience a huge move higher.

In the case of Bitcoin price and its breakout from the cup and handle pattern, Gert van Lagen highlighted the augment to the $300,000 price level. It’s worth noting that this forecast is also based on projections of a recession over the next six months.

“A warning sign we cannot stand. For historical shows in months, but six, The recession is coming and the clock is ticking,” he said.

As for the projected timeline, van Lagen expects Bitcoin’s price to reach $250,000 and then $300,000 by February 25 at the latest.

At the time of writing, Bitcoin is trading at $74,845. An augment towards $250,000 and $300,000 will represent an augment of 235% and 300% respectively over the current price level.

Featured image created with Dall.E, chart from Tradingview.com