A trading expert is projecting that Bitcoin (BTC) has the potential to surge beyond the $250,000 mark at a time when the asset is basking in the glory of making history after making its first monthly close above $100,000 in January.
Gert van Lagen observed that Bitcoin is signaling a breakout from a long-term bullish “megaphone pattern,” which indicates the possibility of reaching a record high of $271,000, as he noted in an X post on January 30.
Bitcoin price analysis chart. Source: TradingView/Gert van Lagen
The megaphone pattern, formed on the two-week chart, is characterized by widening price swings with higher highs and lower lows, with an upper resistance trendline around the $120,000 level.
According to the analysis, if Bitcoin successfully breaks above and retests $120,000 as support, BTC will likely clinch a new record high, with $140,000 to $150,000 as a potential intermediate resistance. If the pattern fully plays out, Bitcoin could then target the $271,00
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