Bitcoin Cup and handle pattern shows that the price of the bull target is still $300,000
Popular market analyst Gert Van Lagen once boldly backed Bitcoin (BTC), hitting $300,000 in the current bull run. Van Lagen’s forecast is a few days after establishing a new all-time high ($111,970)
The prime minister’s cryptocurrency has been priced at 5.35% over the past week, a news report that U.S. President Donald Trump has proposed a 50% tariff (EU) on the EU, but has a slight price buyback.
Bitcoin’s possible exponential growth project surges to $300,000
In a May 24 X post, Gert van Lagen said that BTC price action has led to cup and handle formation since the last cycle of 2021, indicating that digital assets are on the verge of a major price breakthrough.
In the context, the cup handle represents a major bullish continuation pattern, indicating a potential upward breakthrough. In the case of Bitcoin, the cup formed between late 2021 and early 2024, as the price action creates a circular bottom that reflects the decline around the previous all-time high, followed by a period of stability and recovery, ultimately leading to a return to that critical level.
After reaching the previous high price, the price moves backwards, forming a downward or lateral channel called the handle, laying the foundation for the price breakthrough. Bitcoin’s price action reflects this well from early 2024 to the third quarter of 2024.
It is worth noting that since then, Bitcoin has achieved a breakthrough in Cup-format by crossing the key market resistance of $69,000. Based on linear calculations, Gert van Lagen explains that flagship cryptocurrencies are expected to reach a target of $120,000-130,000, which is now a Bitcoin-wide forecast given the current market momentum.
However, Van Lagen also noted that the cup and handle pattern also pointed to an index target of $300,000. Historically, BTC previously achieved logarithmic targets with a growth of 100 times in 2013-2017, and achieved a 21 times target from 2013-2021.
Additionally, the new weight of institutional capital, especially after receiving approval from the on-site Bitcoin ETF in 2024, supports this bullish outlook. But while such institutional participation shows long-term confidence, it also reflects the maturity of BTC. Now a $2 trillion asset, Bitcoin’s sheer size could reduce the movement of parabolic parasites, even if volatility in the crypto market still leaves a lot of upside potential.
BTC Price Overview
At the time of writing, Bitcoin has traded at $107,794 after earning 0.64% in the past few days. On the monthly chart, the major cryptocurrency report says that the yield is 16.25% as the bull market continues.
Featured images from Istock, charts for TradingView
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