Crypto strategist Gert van Lagen has put forward a daring prognosis that Bitcoin could rocket to a staggering $220,000 before the network’s impending halving event, which is to happen in roughly 11 days.
Amid a sea of traders and industry experts, Bitcoin is currently valued at $70,391, a notch up by 2.7%.
Major Spike Before Halving?
The forthcoming Bitcoin halving is eagerly awaited as a potential trigger for the next monumental bull market. However, analyst Gert van Lagen is predicting a seismic $220K price tag even before this pivotal event.
The chart attached to van Lagen’s forecast shows a classic Elliott Wave pattern, which suggests that markets move in predictable, repetitive cycles influenced by investor psychology. These cycles entail a five-wave phase followed by a three-wave corrective trend.
The pundit thinks the flagship crypto is currently in the third phase. Going forward, BTC could encounter a pullback before entering its fourth and fifth price eruption phases. But in his opinion, the current third phase might turn out to be the most bullish, with a vertical rally in this blow-off phase.
Notably, Elliott Wave Theory should be taken with a healthy grain of salt. The theory is mainly slammed for its subjectivity as different traders can interpret the patterns differently — which can result in varying predictions that may be inaccurate.
Bitcoin Has “Room To Run”
Bitcoin is currently flirting with the $72,000 level after experiencing a lull last week. It’s now 2.7% off its all-time high of $73,737, according to data from CoinGecko. It hit that milestone in March.
Meanwhile, SkyBridge Capital boss Anthony Scaramucci recently told CNBC that Bitcoin could climb to as high as $170K during the cycle and could ultimately change hands at around half the value of the global gold market.
“I’m simply saying it could trade to half the valuation of gold, which is around six to eight to 10 times move from here.”
Scaramucci, however, warned that “it’s not going to happen overnight” and there will be high volatility along the way.
Bitcoin currently boasts a market capitalization of $1.4 trillion, while gold commands a total value of nearly $16 trillion. If BTC were to trade at half the market cap of gold, its value would need to increase at least six times from current levels, which would translate to a price of roughly $400,000 per coin.
