A top crypto analyst known for predicting the May 2021 Bitcoin crash believes Bitcoin could reach six digits this market cycle.
A pseudonymous trader known as Dave the Wave tells his 146,800 followers on social media platform X that Elliott Wave theory shows Bitcoin could rise 160%.
In Elliott Wave Theory, bullish assets are subject to a 5-wave rally where waves 1, 3, and 5 represent an impulse move to the upside, and waves 2 and 4 act as correction periods. He says he tends to see it.
“BTC price is already up 4.6x from its bottom, and an additional 2.6x is completely feasible.”
Looking at his chart, the analyst suggests that Bitcoin is currently in its fifth wave and could soar toward $180,000.
The analyst then shares a chart suggesting that Bitcoin is showing a bullish reversal after breaking out of an ascending triangle on the daily time frame.
“Is the BTC bull market alive and well or is it different?”
The analyst also said that Bitcoin appears to be forming a cup-and-handle pattern on the daily time frame. The cup-and-handle formation is typically considered a bullish continuation pattern, suggesting that an asset is taking a breather after a sharp rally before clearing a major resistance level.
“BTC is approaching its short-term target. Price has not yet surpassed all-time highs.”
Finally, analysts say Bitcoin appears to be repeating a similar pattern from 2018 to 2020 and could be on the verge of a major breakout.
“Similarities and Differences in the Maturing Low Volatility BTC Market”
At the time of writing, Bitcoin is trading at $72,274.
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