A widely-followed cryptocurrency market analyst, Gert van Lagen, has recently predicted that the price of the flagship cryptocurrency Bitcoin ($BTC) could soon surge exponentially to a high of $200,000 even before the cryptocurrency’s halving event, expected in April of this year.
According to van Lagen, who uses Elliot Wave theory as a tool to analyze price charts, the price of Bitcoin rise by around 360% from its current $43,000 price level over the next few months amid a parabolic rally that would see it greatly surpass its all-time high of around $69,000. The parabolic rally would come ahead of its halving event.
To the analyst, the parabolic move would be invalidated if Bitcoin’s price drops below the $31,800 mark.
Bitcoin’s halving has historically been a bullish event for the cryptocurrency, whose price has surged months after each of the halvings it already underwent.
The halving will Bitcoin miners’ coinbase rewards in half from the current 6.25 BTC to 3.125 BTC per block. Miner competition has grown over the last few months, to the point the network’s hashrate has recently high a new all-time high, while miner outflows surged to a 77-month high.
This growing competition may mean some miners have to sell their BTC holdings to cover their expenses and keep their operations growing, and ultimately may lead to the capitulation of some miners, while other operations grow.
Van Lagen’s price prediction falls below that of popular cryptocurrency analyst Michaël van de Poppe, who recently defined the current range for Bitcoin, suggesting that while a pre-halving run is possible, buying dips below $41,000 seems a prudent strategy.
He anticipates that these moves will precede Bitcoin escalating to $300,000 per coin, after the halving itself.
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