A well-known cryptocurrency trader, who correctly predicted the Bitcoin crash in May 2021, believes a sharp rise to $150,000 is entirely possible.
$150,000 Bitcoin: Not So Far-Fetched?
Dave the Wave, a popular analyst with a large following on X (formerly Twitter), shared charts suggesting Bitcoin (BTC) could surge by 55% to reach $150,000. He points to a long-term chart showing BTC trading within an ascending wedge, with the upper boundary near that price point, potentially by April. He stated that such a move “would not be extraordinary.”
Short-Term Outlook: Holding Steady
Looking at the shorter term, Dave the Wave notes that Bitcoin is currently trading within a smaller ascending channel, near the lower support level. This suggests a degree of stability in the current price range.
Altcoin Rally on the Horizon?
The analyst is also optimistic about altcoins. He believes that Bitcoin dominance (the percentage of the total crypto market cap held by Bitcoin) is poised to decrease, which would typically lead to increased activity and price gains in other cryptocurrencies. His chart shows Bitcoin dominance breaking out of a bearish wedge and hitting a resistance level around 57%. He questioned if this was the start of a significant shift.
Disclaimer: This information is for general knowledge only and does not constitute financial advice. Investing in cryptocurrencies is inherently risky. Always conduct thorough research and consider your own risk tolerance before making any investment decisions.
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