A crypto analyst who accurately predicted Bitcoin’s crash in May 2021 is now saying the cryptocurrency could skyrocket by 160% in this market cycle.
Elliott Wave Theory Points to Six-Figure Bitcoin
Dave the Wave, a popular analyst on social media, is using the Elliott Wave theory to justify his bullish prediction. This theory suggests that assets move in predictable patterns of five waves, with three waves representing upward momentum and two representing corrections.
Dave the Wave believes Bitcoin is currently in the fifth wave of this pattern and could surge to $180,000. He points to Bitcoin’s recent price action, which he believes is forming a bullish reversal pattern.
Technical Indicators Suggesting Bullish Momentum
Dave the Wave highlights several technical indicators that support his bullish outlook:
- Ascending Triangle Breakout: Bitcoin recently broke out of an ascending triangle pattern on the daily chart, which is typically considered a bullish signal.
- Cup-and-Handle Pattern: Bitcoin appears to be forming a cup-and-handle pattern, another bullish continuation pattern that suggests a pause before a further price surge.
- Repeating 2018-2020 Pattern: Dave the Wave sees similarities between Bitcoin’s current price action and its movement between 2018 and 2020, which could indicate a significant breakout is coming.
Bitcoin Still in Bull Market?
While Bitcoin is currently trading around $72,274, Dave the Wave’s analysis suggests that the cryptocurrency is still in a bull market and could reach six-figure prices in the near future.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions. /p>
