In the preceding week, the price of #bitcoin has exhibited a discernible upward trend, indicative of a strong market sentiment. Following an extended period of consolidation, the predominant digital currency exhibited a state of inactivity below the $27,000 threshold for a full month.

Nevertheless, in light of the recent outbreak and the subsequent return of optimistic attitude within the market, industry professionals are currently forecasting a prospective upswing that has the ability to drive Bitcoin's price above the $30,000 threshold.

The current trend in the price of Bitcoin is bullish, displaying a sustained upward momentum.

The technical analysis conducted by Gert Van Lagen emphasises a notable breakout from a descending channel that has persisted over a long period. This breakout indicates the conclusion of a corrective wave and sets the stage for a parabolic rise in Wave 5. The Bitcoin price projection experiences a significant increase as indicated by the BTC-Gold ratio, suggesting a potential price target of $120,000.

Gert Van Lagen places significant emphasis on the notable breakout of a descending channel that lasted for a period of 2.25 years. This breakout is seen as a significant event, as it signifies the conclusion of an enlarged flat corrective wave 4. 

The channel, as shown by the green dots, has encompassed the ABC correction of wave 4. Anticipated is a parabolic rise at the breach of the channel, namely at a price point of around $30,000, as wave five looms on the horizon, beyond a 10% increase. 

Gert's perspective highlights the potential for wave 5, sometimes referred to as a "blow-off wave," to demonstrate a substantial increase, with the ultimate impulse signalling a noteworthy upward trend.

While the possibility for more upward increases is optimistic, it is essential to maintain awareness of important factors and potential points that might invalidate this outlook. In the present scenario, it is crucial to direct one's focus towards the value of $13,800, as the moment of invalidation occurs when wave four descends below wave one. 

The Bitcoin-Gold Ratio Indicator is a metric used to assess the relative value of Bitcoin and Gold.

The co-founders of Glassnode, prominent leaders in the field of crypto analytics, have articulated their conviction on the possibility of Bitcoin to attain a valuation in the six-figure range. The author highlights the BTC-Gold ratio and posits that Bitcoin has the potential to reach a value nearly 98 times higher than that of Gold. 

The BTC-Gold ratio is an important measure that provides insights into the comparative performance and worth of Bitcoin in relation to Gold. Upon analysing the aforementioned ratio, the researchers at Glassnode have identified a number of favourable signs that strongly imply a forthcoming spike in the price of Bitcoin. 

The upward trajectory of the Relative Strength Index (RSI) and its placement over the threshold of 50 suggest a notable surge in purchasing activity and a favourable momentum. Furthermore, the presence of a positive MACD (Moving Average Convergence Divergence) crossing, along with an upward trend, serves to strengthen the prevailing bullish feeling associated with Bitcoin.

The utilisation of Fibonacci extensions offers additional analytical perspectives on future price levels for Bitcoin. These extensions, which are derived from mathematical ratios, are frequently employed to ascertain price objectives in the context of rising trends. 

According to the study conducted, it is indicated that the Fibonacci extensions propose the potential for Bitcoin to attain valuation levels in the vicinity of $120,000, while Gold is anticipated to sustain a price of about $1,200.

The study conducted by the co-founders of Glassnode instills a sense of hope among members of the cryptocurrency community. The possibility for Bitcoin to reach prices in the six-figure range may serve as an incentive for a greater number of investors to participate, therefore reinforcing its position as a digital asset with enduring worth. 

The anticipated rise in the value of Bitcoin is expected to have a consequential impact, leading to heightened attention and financial involvement in the wider realm of cryptocurrencies.

In the present composition, the value of BTC stands at $27,900, which resides somewhat behind the noteworthy psychological threshold of $28,000. The current level signifies a significant turning point in negative attitude against BTC.

In order to retain its bullish momentum, it is imperative for BTC to uphold support near the $27,000 level. By exceeding the existing resistance line at its present trading level, Bitcoin (BTC) has the potential to regain the $30,000 threshold and strive for the yearly peak of $31,800. 

The current rising trajectory of the cryptocurrency may enable it to confront the resistance level observed during a one-year period around $39,000, potentially leading to a period of stability and consolidation over the $40,000 threshold.