The pseudonymous crypto strategist who accurately forecasted Bitcoin’s collapse from $11,600 to $6,400 in 2019 is marking the moment when he believes BTC will break out and begin its ascent to $100,000.
Trader Dave the Wave tells his 37,000 Twitter followers that Bitcoin is slowly grinding up in an effort to take out its all-time high around $20,000.
“And the standard use of a technical pattern, known as the breakout of an ascending triangle, gives a target of 100K.”
Based on Dave’s chart, crypto enthusiasts would have to wait until the end of 2021 before Bitcoin catches fire and erupts. The trader predicts that Bitcoin will skyrocket to $100,000 before 2023 comes to a close. The crypto analyst also highlights that the slow climb will set the stage for a massive BTC explosion.
The head of steam, so to speak, that's required to be built up before the market goes into full-blown manic mode. It's all about the dynamic/ momentum of the market, not some set of abstract numbers. pic.twitter.com/HuSMGRUezT— dave the wave (@davthewave) September 19, 2020
However, Dave acknowledges that just like any other prediction, his analysis can be wrong and BTC can surge to $100,000 ahead of 2023. The trader shares a conversation that he had with PlanB, the first analyst to apply the controversial stock-to-flow model to Bitcoin. In the thread, PlanB asked whether Dave’s model would be proven incorrect should Bitcoin climb above $100,000 before December 2021.
“It would certainly be in extremis. The log growth curve could accommodate a brief spike to that price but price carrying on higher would invalidate/falsify the curve.”