A crypto strategist who accurately called the May 2021 Bitcoin (BTC) crash believes that the flagship digital asset is poised for a big burst to the upside.
The pseudonymous analyst Dave the Wave tells his 140,900 followers on the social media platform X that, based on his charts, Bitcoin could potentially surge to around $50,000 before correcting to the support level of just under $35,000.
Following the deep corrective move, the analyst predicts that Bitcoin could rally to a price of up to $180,000 – a gain of about 424% from current levels. Dave the Wave appears to suggest that the six-figure price target for Bitcoin will be reached by April 2025.
“A BTC possible scenario…”
Source: Dave the Wave/X
In another chart, the pseudonymous analyst predicts that Bitcoin will experience a mini-parabolic surge ahead of the halving just like the flagship crypto asset did prior to the 2020 halving. The halving, which cuts BTC miners’ rewards in half, is slated for April 2024.
Based on his chart, Dave the Wave suggests that a mini-parabolic rally could see Bitcoin slightly above its all-time high of around $69,000.
Source: Dave the Wave/X
Dave the Wave also says that the moving average convergence/divergence (MACD) indicator shows that Bitcoin is shifting into long-term bullish mode. The MACD indicator is a momentum oscillator used to identify the strength and direction of a trend.
“BTC monthly MACD now crossing the zero-line into official bull territory…”
Source: Dave the Wave/X
BTC is worth $34,342 at time of writing.
Generated Image: DALLE3
