A top crypto analyst known for predicting Bitcoin’s collapse in May 2021 believes BTC could reach a six-figure value this market cycle.
The pseudonymous trader known as Dave the Wave tells His 146,800 followers on the social media platform
The Elliott Wave theory states that a bullish asset tends to witness a five-wave rally, with waves one, three and five representing impulsive moves upward and waves two and four serving as correction periods.
“Now that the BTC price is already 4.6x above the bottom, another 2.6x is perfectly feasible.”
Looking at his chart, the analyst suggests that Bitcoin is currently in its fifth wave and could rise towards $180,000.
Then the analyst shares a chart suggesting Bitcoin printing a bullish reversal after breaking through an ascending triangle on the daily time frame.
“The BTC bull market is alive or not?”
The analyst too say that Bitcoin appears to be forming a cup-and-handle pattern on the daily time frame. A cup-and-handle formation is typically viewed as a bullish continuation pattern, indicating an asset taking a breather after a steep rally before hitting a key resistance level.
“BTC’s short-term target is approaching. Prices not quite at record highs yet.”
Finally, the analyst say that Bitcoin may be on the verge of a massive breakout as it appears to be repeating a similar pattern between 2018 and 2020.
“Similarities and Differences in a Maturing, Less Volatile BTC Market.”
Bitcoin is trading at $72,274 at the time of writing.
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