Is Bitcoin about to experience an unprecedented breakthrough?

Tech analyst Geert van Lagen claims that the main cryptocurrency price may rise to $200,000 in the current cycle. The expert pointed to a chart showing a “cup and handle” pattern.

According to the analyst, the chart shows Bitcoin’s transition from a downward trend to an upward one. Currently, the BTC price is “on the verge of entering the banana zone,” which means a period when the first cryptocurrency and other digital currencies experience a rapid growth in the rate.

The dynamics of the BTC-ETF indicate that Bitcoin is striving for a new historical maximum, Geert van Lagen believes. Over the past 12 days, issuing companies have recorded a significant inflow of funds into this market.

Glassnode analysts expect the “calm” period in the BTC market to end

Experts said that over the past few weeks, the inflow of funds into the “digital gold” has begun to slow down. Glassnode suggested that this is a prerequisite for a significant increase in the asset’s volatility.

The industry is experiencing a serious overload of speculative interest in BTC, which will soon lead to a change in the situation with digital asset rates.

“Both on-chain indicators and perpetual contracts have reached a balance. This is reflected both in the reduction in the rate of realization of profits and losses, and in the return of financing rates to a neutral level. According to analysts, such signs indicate a significant reduction in speculation” the company’s representatives said.

Analysts believe that it is unlikely that the Bitcoin price will be able to overcome $70,000, but the upcoming surge in volatility will help BTC break out of the narrow price corridor.