Bitcoin (BTC) held steady on Wednesday after a notable 6% gain over the past 24 hours, reaching a new all-time high of $75,361 and lifting its market cap close to $1.5 trillion, according to CoinMarketCap.
Notably, this latest rally appears to be fueled by preliminary results from the U.S. presidential election, where Donald ***** has emerged as the leading candidate. Many investors consider ***** to be crypto-friendly, positively boosting market sentiment and optimism about future policy.
With Bitcoin’s upward momentum gaining steam, some analysts are setting even higher targets. In a tweet, analyst Gert van Lagen projected that Bitcoin could surge to $250,000 by February 2025, describing this anticipated climb as a “final ascent” in the current market cycle.
Notably, Van Lagen’s analysis pointed to the classic “cup and handle” pattern, a technical formation that often signals a strong bullish continuation after a breakout from the cup’s handle.
“The Bull awakens, strong and clear… $250,000, bold and true—The latest by Feb-25, this path breaks through.” Van Lagen further attributed this anticipated climb to a range of factors, including historical yield spread data indicating a looming recession, which he believes could drive investors into Bitcoin as a hedge.
In a separate analysis, van Lagen highlighted intriguing parallels between Bitcoin and the S&P 500. He noted that investors could potentially redirect profits into alternative assets like Bitcoin as the stock index nears a critical resistance level at 6,000. The expert also shared technical insights showing Bitcoin’s price movement within an upward channel, suggesting a target range of $220,000 to $320,000 based on the Elliot wave indicator.
Notably, analyst Trader Tandigrade also shares van Lagen’s cup-and-handle outlook. He pointed to a similar pattern that led Bitcoin from $10,000 to $60,000 during the 2020-2021 bull rally. The pundit now expects this setup to drive Bitcoin from $70,000 to $400,000 by December 2025, likening it to the historic rally of previous years.
However, not all market observers share this extremely bullish outlook. Ki Young Ju, CEO of CryptoQuant, offered a more measured perspective. Drawing from historical patterns, Ju suggested that while Bitcoin might see a 30-40% appreciation from current levels, investors shouldn’t expect the dramatic 368% gains witnessed during previous bull runs. He further advocated a more cautious approach, recommending gradual profit-taking rather than aggressive buying at current levels.
BTC traded at $74,131 at press time after a brief recoil amid profit-taking.