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As the crypto market sinks into an uncharacteristic silence, closely-watched crypto analyst and trader Gert van Lagen is claiming that a significant shift is about to happen in Bitcoin (BTC), the largest cryptocurrency.
Expecting a Rally in Bitcoin
In a tweet shared with his followers, crypto analyst and trader Gert van Lagen pointed out that we are at the bottom of a perfect inverse head and shoulders formation that has occurred below the simple moving average (SMA) of the last 200 days in Bitcoin‘s price chart. The inverse head and shoulders formation is considered a strong bullish signal.
Van Lagen highlighted that the neckline and the SMA200 have been successful double bullish signals, indicating a strong potential for upward movement. The analyst also referred to the perfect bear trap, which he believes has now completed. A bear trap is a situation where pessimistic investors expecting further declines find themselves on the wrong side of a potential price rally, that is, opposing it.
Van Lagen’s analysis of an upcoming price rally in BTC is based on what he calls an explosive peak, which corresponds to a strong increase in price.
JPMorgan’s Latest Bitcoin Prediction
Van Lagen’s bullish expectation appears to be in harmony with the latest Bitcoin prediction put forth by banking behemoth JPMorgan. The team of analysts at the banking company led by Nikolaos Panigirtzoglou, in a recently published investor note, projected that the largest cryptocurrency would reach $45,000 within the next 12 months. Given the current gold price, which is above $2,000, and considering that the value of gold held for investment purposes outside central banks is approximately $3 trillion, JPMorgan analysts argue that this figure is reasonable for Bitcoin.
Their assumption is based on the idea that Bitcoin can reach parity with gold in terms of risk-adjusted volume in private investors’ portfolios.
