Gert van Lagen, a well-known technical analyst, believes that Bitcoin’s (BTC) price could reach new heights this cycle. In a recent post on X, he highlighted Bitcoin’s weekly chart to support his analysis. Right now, Bitcoin is trading at $62,290. If van Lagen’s predictions are correct, BTC could soar to $200,000.

According to him, Bitcoin seems ready for a breakout. He shared a chart showing a step-like parabolic curve. This pattern has been forming since 2021. The chart also features a Cup and Handle pattern, which often signals a bullish continuation. The Cup and Handle starts with a cup shape, showing a shift from a downtrend to an uptrend, followed by a consolidation phase or the handle before another breakout.

Van Lagen pointed out that Bitcoin is currently moving around the handle. This suggests that a parabolic move to what he calls the “banana zone” is close. The banana zone, a term popularized by Raoul Pal, refers to a period when BTC and other cryptocurrencies see explosive growth.

Furthermore, the Long-Term Holder Market Inflation, which measures how much Bitcoin is being accumulated or sold, aligns with van Lagen's bullish outlook. Higher inflation values suggest that holders are selling off their Bitcoin, increasing sell-side pressure. On the flip side, lower values show that long-term holders are buying more. Historically, Bitcoin's price peaks at very high readings in this metric. However, the Long-Term Holder market inflation has been declining since early August. If this trend continues, BTC could rebound significantly.

In the short term, Bitcoin's 4-hour chart indicates it’s ready to move out of its current slump. If this buy signal holds true, the price could rise to $64,240. But keep an eye on critical levels at $61,839 and $60,680. If Bitcoin drops below $61,839, it may slide further to $60,680. However, if bulls can protect this zone, a rise above $64,000 is likely.

Additionally, Bitcoin ETFs have seen significant inflows for nearly ten consecutive days. This trend resembles the conditions leading up to Bitcoin's all-time high in March. If these inflows keep up into the next month, Bitcoin’s price could climb toward $70,000. Analyst Michaël van de Poppe also suggests that BTC might reach a new all-time high if it stays above $62,000. He explained, “Bitcoin broke through the $61.5-62K resistance zone. I’d like to see that level retested and held as support. Then, we could see a new run toward the all-time high.”

However, if BTC can’t maintain its momentum above $61,839, this optimistic view might change. In that case, the cryptocurrency could face a deeper correction, possibly falling below $60,000.