A closely followed crypto analyst and trader says that Bitcoin (BTC) could be on a potential path to $100,000 relatively soon if a particular scenario plays out.
In 2019, the pseudonymous analyst known as Dave the Wave gave his 93,000 Twitter followers a possible price path to $100,000 BTC.
“Say BTC were to reach $100,000 in the next few years.
Currently has reached over 30% [yes, you read that right] but only in 10% of the time.
In this scenario, a decent correction would make a lot of sense.”
After two and a half years, the analyst updated the above chart with today’s prices, and it appears to be following suit.
The trader notes that the above cyclical curve pointing to $100,000 shouldn’t be interpreted as a support level, but as a mean price path that BTC can roughly follow. It suggests Bitcoin can break the six-figure level late this year or early 2023.
Dave the Wave also notes that while the monthly chart may still look bearish, some bullish signals are showing up on Bitcoin’s weekly chart. According to the analyst, Bitcoin’s moving average convergence divergence (MACD), a trend-identifying indicator, is at last showing hints of strength.
“A sign of life on the weekly MACD/ histogram. Yet to see the same on the monthly.”
Zooming in a bit further, the crypto analyst also says BTC appears to have broken out of a tight descending channel.
“Price strong here. Can we see some follow through over the next few days, for a convincing change of trend though?”Check Price Action
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Featured Image: Shutterstock/NextMarsMedia/Andy Chipus