A popular crypto analyst who called the May 2021 Bitcoin (BTC) collapse thinks an explosive rally for the king crypto is on the horizon.
The pseudonymous trader known as Dave the Wave shares a chart with his 128,000 Twitter followers that shows Bitcoin beginning a move upwards starting next month and surging to the $25,000 range before the end of the year.
“Technically, this is on the cards… which would equate to a half-year-long bottoming range.”
Although the crypto strategist expects Bitcoin to rally soon, he sees BTC immediately correcting all the way back down to $19,000 after the king crypto hits his target. Once the pullback is over, Dave the Wave predicts that Bitcoin will rally above $30,000 by April next year to end the six-month bottoming period.
BTC is trading at $19,302 at time of writing. The top-ranked crypto asset by market cap is down 0.9% in the past 24 hours.
Says Dave the Wave,
“Feels like forever, but this bottoming process (on the basis of the [Logarithmic Growth Curve]) is commensurate with before. A less pronounced macro BTC bottom and top (explicable on the basis of a maturing market). Longer-term momentum moving up.”
The analyst also shares a chart indicating that Bitcoin dominance (BTC.D) could rebound, though he cautions traders to take it “with a grain of salt.”
“Updated [Fibonacci] extension from a month back… Take BTC [dominance] with a grain of salt due to the heavy component of stables (for those projecting/ predicting the action of alts onto it).”
The BTC.D chart shows how much of the entire crypto market cap belongs to Bitcoin. A bullish Bitcoin dominance chart suggests that BTC is outperforming other crypto assets.
Bitcoin remains more than 72% down from its all-time high of more than $69,000, which hit nearly one year ago.
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