Bitcoin Block Channel Reveals $400,000 Price | Crypto News
The Bitcoin market continues to witness an intense price correction in line with broader crypto market motion. In the past week, the premier cryptocurrency recorded another 10% price decline, trading as low as $80,800, before experiencing a modest bounce.Â
Bitcoin now stands 32.79% below its all-time high, with distribution taking desire over accumulation for most buyers. However, fashionable analyst Gert Van Lagen has unveiled an on-chain development that postulates an impending revival of the bull market.
Bitcoin Historical Post-Halving Movement Indicates Bullish HopeÂ
In an X post on November 21, Gert Van Lagen outlines a optimistic Bitcoin price prediction based on data from the earlier post-halving motion. The famend analyst explains this forecast, utilizing a long-term logarithmic chart of Bitcoin’s price vs Bitcoin block peak, which highlights a regression channel the digital asset has adopted since 2009.
According to Van Lagen, Bitcoin has adopted a comparable sample after every halving, which normally begins with pushing above the midline of this long-term regression channel. Thereafter, the premier cryptocurrency accelerates into a blow-off top (orange spikes) at the channel’s higher boundary as seen in 2013, 2017, and 2021.
For all its price exploits in the current market cycle, Bitcoin presently trades just below the midline of the regression channel, suggesting there may be ample space for price appreciation. However, Van Lagen notes some uncommon price conduct in that Bitcoin has skilled rejection thrice at this midline, each time ensuing in a bounce off the 0.382 Fibonacci retracement line.Â
Nevertheless, the analyst still expects the premier cryptocurrency to keep the 15-year historic development and finally secure a decisive transfer above the midline resistance. If this price development happens, Van Lagen also predicts Bitcoin to rise to around $350,000 – $400,000, a price vary goal that aligns with the higher boundary of the regression channel.
The ‘Genuine’ Bearish Market
Despite the heightened fears of a bearish market at the second, Van Lagen explains that the much-dreaded crypto winter only commences after Bitcoin reaches its higher boundary goal, establishing a market top. Based on the introduced analysis, the market skilled predicts Bitcoin will crash from this market peak to retest the 210,000 block SMA, i.e, the decrease development line of the regression channel.
At the time of writing, Bitcoin is valued at $84,300 after a 2.36% price loss in the past day. In the last month, the crypto market chief has skilled a 21.96% price devaluation, suggesting a somewhat unstable and cautious market condition.
Featured image from Pexels, chart from Tradingview
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