Crypto analyst and Elliott Wave expert Gert van Lagen highlighted the critical level that could decide the next step in the value of Bitcoin. In a recently shared two-week chart, Lagen points to a broader market structure that suggests Bitcoin may be poised for another strong leg to the upside, provided it continues to hold above $74,000. According to the analyst, this level now serves as the main point of support, marking the boundary between the continuation of the bull market and others related to structural deterioration.
Why $74,000 Matters For Bitcoin Price Bull Structure
X post, Lagen shared detailed analysis of Bitcoin, predicting the next price movement based on Elliott wave buildings. His accompanying chart shows BTC ending an extended correction phase following a multi-year rally. This correction, labeled as Wave IV, pulled the price to the previous consolidation area. without disrupting the broader bullish structure. As long as Bitcoin remains above $74,400, the analyst views this move as a healthy reset rather than the start of an extended bear market.
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Looking back at the earlier stages of the cycle helps explain why the $74,400 support level is so important. Lagen noted that during the construction of Wave III, Bitcoin has experienced a deep recovery which almost retook the lows from the previous correction wave before pushing higher. The current price action of the cryptocurrency seems to be following a similar pattern, with the latest pullback it is approaching the bottom of Wave IV in the middle of $70,000.
This type of pattern repetition is common in Elliott Wave structures and usually indicates that the market may be preparing for a strong uptrend. Along with this, Lagen highlighted that Recent BTC price movements match the characteristics of the Wave II adjustment within the broader Wave V development. He said that $74,000 remains in the invalid area. A hold above keeps Bitcoin’s bullish outlook strong, while a decisive break below will force a re-evaluation of the entire structure of the BTC market. In any case, the analyst has it said he does not expect Bitcoin to break this support zone.
What the Chart Says About Bitcoin’s Next Move
If the $74,400 support level continues to hold, the proposed trend on Lagen’s chart suggests the start of a new bullish rally that would mark the first stage of Wave V. The first move higher is expected to restore the value of Bitcoin above the previous high, indicating that maintenance phase is over and the momentum has shifted in favor of the bulls. According to the analyst, if Bitcoin continues a mirror previous patterns, the bearish result is always less likely.
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Looking at his chart, Lagen indicated that Bitcoin could experience a bullish continuation towards the $260,000 to $320,000 region, which corresponds to sub-wave 3, the strongest phase of the Wave V advance. Following this, the last extension of Wave V is expected to push Bitcoin to $400,000, which foreshadows the last cycle and represents an increase of more than 410% from the current levels around $78,000.
Featured image from Peakpx, chart from Tradingview.com
