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Technical analyst Gert van Lagen said that bitcoin BTC $78,735.82 Bitcoin -0.51% Market capitalization $1.58 trillion VOL. 24 hours $1.11 billion is on the verge of an unprecedented breakthrough, and its price could reach $ 200,000 this cycle.
According to him, the chart demonstrates the first cryptocurrency’s transition from a downtrend to an uptrend. Currently, bitcoin is in the process of forming a cup-and-handle pattern, which is a sign of possible significant growth.
The analyst also noted that bitcoin is moving in the direction of the so-called «banana zone,» when BTC and altcoins can experience explosive growth in value. This dynamic is supported by positive changes in spot bitcoin ETFs, which have seen a steady inflow of funds over the past twelve days.
An additional signal in favor of bitcoin’s growth is the inflation index of long-term cryptocurrency holders, which holds a critical support level at $ 61,500.
As a reminder, bitcoin is expected to rise to $ 100,000 in September. The hope for a recovery in the BTC price is fueled by confidence in an imminent reduction in the US Federal Reserve’s (Fed) interest rate, which causes a decline in the US dollar index and increases investor interest in risky assets such as cryptocurrencies.