"News Updates February 27, 2024"

1. Technical Analyst Shares $200,000 Target for Bitcoin, Explains Why<\/p>\n

Cryptocurrency technical analyst Gert van Lagen shared his predictions for the Bitcoin price in his statement.<\/p>\n

Technical analyst Gert van Lagen shared his predictions for the future course of Bitcoin (BTC). According to Van Lagen, Bitcoin's price has been following a parabolic trajectory since November 2022 and is on track to reach $200,000 in the near future. He set the invalidation point for this prediction at $32,000.<\/p>\n

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This parabolic rise to $200,000 fits perfectly with the pattern of previous sub-fifth waves, all of which have historically crossed the blue trend line in a parabolic fashion. This indicates that Bitcoin's current price movement is not an anomaly, but rather a continuation of its established pattern, according to van Lagen.<\/p>\n

One question that arises is whether Bitcoin will wait for the halving event to rise. The analyst notes that the price has moved significantly above the 78.6% Fibonacci retracement level of the previous bear market, which has only happened post-halving in the past. According to the analyst, when this metric exceeds the 78.6 level, the price tends to rise parabolically.<\/p>\n

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According to the analyst, this prediction is also in line with the increased risk sensitivity in the stock market, which is currently approaching FOMO levels. Structurally, Bitcoin and the S&P 500 have had a strong correlation since the end of 2021. The S&P 500 has been trading at all-time highs (ATH) for several weeks in a row, which could be a positive sign for Bitcoin's future performance.<\/p>"