Bitcoin has reached an all-time high of $89,604 on November 12, 2024, leading to widespread interest in its future price. The token’s market capitalization is around $1.75 trillion, making it a strong player in the cryptocurrency market. Bitcoin follows a fractal pattern, with cycles lasting approximately three years.
This suggests the current cycle could last until 2025, with potential for another large value increase before reaching its peak. Gert van Lagen’s chart analysis indicates a potential target price of $220k-$320k for Bitcoin. This analysis also shows that the current market is in a ‘bear trap’ with the potential for a considerable surge.
The risk for taking long positions is high, as a price move into the $87,643 to $89,000 range could trigger a chain of sell-offs. Short positions are building up around the $89,000 mark, potentially leading to a short squeeze if the price surpasses $90,000.
