A crypto analyst known for making accurate Bitcoin calls believes BTC still has yet to enter the most explosive phase of the market cycle.
Pseudonymous analyst Dave the Wave tells his 147,300 followers on the social media platform X that Bitcoin remains on track to soar into the six figures despite its recent dip into the low $90,000s.
According to the top trader, Bitcoin moves in four-year cycles and, if it were to mirror past price action, a parabolic move remains on the horizon.
“One positive if the BTC price does correct is that it has, as yet, not gone parabolic, remaining in a technical upward channel.”
Source: Dave the Wave/X
Dave the Wave also shares a chart suggesting that Bitcoin will likely hit $110,000 in the near term.
“Your move BTC.”
Source: Dave the Wave/X
Bitcoin’s four-year cycle is based on halving events when BTC miner rewards are slashed in half. The reduction in new coins coming into the market has historically coincided with higher price levels for BTC. The most recent halving happened in April.
The trader also shares a chart suggesting that Bitcoin will likely hit a cycle top above $200,000 by next year.
“BTC halfway to its interim technical target, which would see it break the six-figure barrier.”
Source: Dave the Wave/X
Bitcoin is trading for $96,478 at time of writing, up 4.8% in the last 24 hours.
Generated Image: Midjourney
