Can Bitcoin Hit $200,000 as Its Next Target? Renowned Analyst Explains

  • Leading crypto analyst Gert van Lagen believes that the price of Bitcoin could reach up to $200,000 before the planned halving event in mid-April.
  • Bitcoin was previously hovering around the $38,000 level, but suddenly, the coin received significant support from large whales and traders.
  • According to analysts, the increase in investments in spot Bitcoin ETFs led to a bullish trend in the market, and this trend is notably impacting altcoins as well.

As the price of Bitcoin continues to consolidate above $50,000, analyst Lagen is talking about a target of $200,000.

Will Bitcoin Rise to $200,000?

Bitcoin-BTC

Renowned crypto analyst Gert van Lagen believes that the price of Bitcoin could reach up to $200,000 before the planned halving event in mid-April. Lagen stated that entering the $200,000 region for the price of Bitcoin before the halving is inevitable. He derives this view from the fact that a fundamental market measure known as the Fibonacci level recently surpassed the 78.6% level.

To put this situation into perspective, he emphasized that this is an unprecedented situation, especially as the halving event turns the corner. If the Fibonacci metric has reached this new level just two months before the halving event, there is a high likelihood that Lagen’s view on significant market momentum for the Bitcoin price is valid. Additionally, considering that the leading cryptocurrency has been exhibiting positive momentum, despite some equally unpleasant days recently.

Bitcoin was previously hovering around the $38,000 level, but suddenly, the coin received significant support from large whales and traders. BTC quickly surged above $50,000, and this success is believed to signal strong investor confidence in the trends of the Bitcoin ETF market, along with the bullish options and futures market.

Bitcoin Price Comfortably Surpasses $51,000

Surpassing $50,000 was a situation that Bitcoin had not reached since December 2021. According to analysts, the increase in investments in spot Bitcoin ETFs led to a bullish trend in the market, and this trend is notably impacting altcoins as well.

Earlier, Bitcoin elevated its bullish stance by surpassing the $50,000 level. At the time of writing this, the Bitcoin price was at $51,474.11, marking a 4.74% increase in the last 24 hours.

Considering the observed trend of the leading digital asset and the movement speed along with the Fibonacci level, it is believed that Lagen’s prediction for the general crypto industry might be a few months away.

Many other analysts share a similar view with Lagen regarding Bitcoin’s price and the pre-halving period. Last week, crypto swing trader Michaël van de Poppe determined that Bitcoin’s price would gain momentum in the coming months following the halving event. However, the market is often unpredictable, and these predictions may or may not come true.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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