Bitcoin will likely not be seeing $100,000 by December even amid its rapid growth over the last few weeks, according to the crypto analyst who accurately called BTC’s collapse in May.
The analyst known as Dave the Wave tells his 80,000 followers that Bitcoin has been grinding higher in an ascending channel since it bounced from the $30,000 range in July.
He says that even if BTC were to continue following the ascending channel, it still wouldn’t be at $100,000 by December.
“Big picture stuff.
Even if price carried on up in the channel at this rate, it would not hit $100,000 by December.”
However, Dave the Wave clarifies that traders should not confuse his analysis with a firm prediction that Bitcoin will not surge to $100,000 by the end of the year.
“Yes, some may mistake that post for saying $100,000 will not be hit by December. It does not say that at all. What it does say is ‘IF price carried up on the channel at this rate it would not hit $100,000 by December.’ This hypothetical is incontestable.”
In January 2020, Dave the Wave made a bet with fellow crypto analyst PlanB regarding the potential value of BTC by December 2021.
PlanB, who is known for applying the stock-to-flow (S2F) model to Bitcoin, predicts a market cycle top at $288,000 BTC. The two analysts agreed that a $100,000 BTC by December 2021 would invalidate Dave the Wave’s model.
— dave the wave🌊 (@davthewave) July 15, 2020
Dave the Wave also posits that Bitcoin could be forming a double top, or a second touch of the price range around $65,000 before heading down again for a bearish trend. According to him, Bitcoin is showing some bearish divergence on the daily timeframes, hinting that a correction could be around the corner.
“Short-term channel meeting resistance at previous ATH (all-time highs)?”
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Featured Image: Shutterstock/Tithi Luadthong
