A top crypto analyst known for predicting the May 2021 Bitcoin collapse believes BTC could hit six-figures this market cycle.
The pseudonymous trader known as Dave the Wave tells his 146,800 followers on the social media platform X that the Elliott Wave theory indicates Bitcoin may soar by 160%.
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 to the upside and waves two and four serving as corrective periods.
“With BTC price already doing a 4.6x off the bottom, another 2.6x is perfectly feasible.”
Source: Dave the Wave/X
Looking at his chart, the analyst suggests that Bitcoin is currently forming the fifth wave and could surge toward $180,000.
Next, the analyst shares a chart that suggests Bitcoin is printing a bullish reversal after breaking out of an ascending triangle on the daily timeframe.
“BTC bull market is alive and well or nah?”
Source: Dave the Wave/X
The analyst also says 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, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
“Nearing BTC short-term target. Price not quite yet through all-time highs.”
Source: Dave the Wave/X
Lastly, the analyst says that Bitcoin may be on the verge of a massive breakout as it appears to be repeating a similar pattern from 2018-2020.
“Similarities and differences in a maturing less volatile BTC market.”
Source: Dave the Wave/X
Bitcoin is trading for $72,274 at time of writing.
Generated Image: Midjourney
