Bitcoin (Bitstamp: BTCUSD) has broken out of the triangle pattern in the daily chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, BTC began a wave one advance in December 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in June 2019, and the red wave two (blue sub-waves a-b-c) correction ended in December 2019. If this wave count is correct, BTC should be heading next towards the June 2019 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
Zooming out in the monthly chart, I believe BTC is currently in the red wave three (blue sub-wave iii). The blue sub-wave three began in December 2018.
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
Ivan on Tech covered some of the reasons for the current price surge.
(Sources: https://bitcoin.org/en/)How Will Bitcoin Trade?
Bitcoin (Bitstamp: BTCUSD) daily chart by Tradingview.
(Chart courtesy of Tradingview.com (log scale))
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