A trader with a history of making accurate predictions in the crypto space believes Bitcoin’s (BTC) multi-year uptrend is built on solid ground.
Pseudonymous analyst Dave the Wave tells his 153,800 followers on the social media platform X that a repeat of BTC’s 2021 double-top pattern is doubtful.
About four years ago, Bitcoin abruptly ended its bull market after failing to take out its resistance at $69,000 twice.
Dave the Wave notes in his chart that a parabolic move preceded BTC’s 2021 market peak. The steep ascent left Bitcoin exposed as panic selling and massive liquidation events drove BTC from a high of $69,000 to around $16,000.
On the contrary, the trader says that Bitcoin’s rise since 2023 has been sustainable as BTC printed higher highs and higher lows over time.
He notes that a 2021-style collapse is “unlikely” at this point.
Source: Dave the Wave/X
In his bullish Bitcoin outlook, Dave the Wave thinks that it is within the realm of possibility for BTC to soar to his massive upside target in just a couple of months.
“Oh boy, I’ll be selling a little BTC for the fam if it hits $160,000 over the course of the next couple of months…”
Source: Dave the Wave/X
For now, Dave the Wave says that Bitcoin needs to breach its last resistance zone to potentially trigger a parabolic rally toward his target.
“BTC convincingly through $110,000 and we could be looking at a front-run blow-off top…”
At time of writing, Bitcoin is trading for $109,628.
Generated Image: Midjourney
