Bitcoin Block Channel Reveals $400,000 Price Target – Details
The Bitcoin market continues to witness an intense price correction in keeping with broader crypto market motion. In the previous week, the premier cryptocurrency recorded one other 10% value decline, buying and selling as little as $80,800, earlier than experiencing a modest bounce.
Bitcoin now stands 32.79% under its all-time high, with distribution taking desire over accumulation for many traders. However, common analyst Gert Van Lagen has unveiled an on-chain pattern that postulates an impending revival of the bull market.
Bitcoin Historical Post-Halving Movement Indicates Bullish Hope
In an X post on November 21, Gert Van Lagen outlines a constructive Bitcoin value prediction primarily based on knowledge from the earlier post-halving motion. The famend analyst explains this forecast, utilizing a long-term logarithmic chart of Bitcoin’s value vs Bitcoin block top, which highlights a regression channel the digital asset has adopted since 2009.
According to Van Lagen, Bitcoin has adopted an analogous sample after each halving, which normally begins with pushing above the midline of this long-term regression channel. Thereafter, the premier cryptocurrency accelerates right into a blow-off high (orange spikes) on the channel’s higher boundary as seen in 2013, 2017, and 2021.
For all its value exploits within the current market cycle, Bitcoin presently trades just under the midline of the regression channel, suggesting there’s ample area for value appreciation. However, Van Lagen notes some uncommon value habits in that Bitcoin has skilled rejection thrice at this midline, every time leading to a bounce off the 0.382 Fibonacci retracement line.
Nevertheless, the analyst nonetheless expects the premier cryptocurrency to keep up the 15-year historic pattern and finally safe a decisive transfer above the midline resistance. If this value improvement happens, Van Lagen additionally predicts Bitcoin to rise to round $350,000 – $400,000, a value vary goal that aligns with the higher boundary of the regression channel.
The ‘Genuine’ Bearish Market
Despite the heightened fears of a bearish market in the meanwhile, Van Lagen explains that the much-dreaded crypto winter solely commences after Bitcoin reaches its higher boundary goal, establishing a market high. Based on the introduced evaluation, the market professional predicts Bitcoin will crash from this market peak to retest the 210,000 block SMA, i.e, the decrease pattern line of the regression channel.
At the time of writing, Bitcoin is valued at $84,300 after a 2.36% value loss up to now day. In the final month, the crypto market chief has skilled a 21.96% value devaluation, suggesting a quite unstable and cautious market situation.
Featured picture from Pexels, chart from Tradingview
