A top crypto analyst known for predicting the May 2021 Bitcoin collapse believes BTC could hit six-figures this market cycle.
The pseudonymous trader known as Dave the Wave tells his 146,800 followers on the social media platform X that the Elliott Wave theory indicates Bitcoin may soar by 160%.
The Elliott Wave theory states that a bullish asset tends to witness a five-wave rally with waves one, three and five representing impulsive moves to the upside and waves two and four serving as corrective periods.
“With BTC price already doing a 4.6x off the bottom, another 2.6x is perfectly feasible.”
Looking at his chart, the analyst suggests that Bitcoin is currently forming the fifth wave and could surge toward $180,000.
Next, the analyst shares a chart that suggests Bitcoin is printing a bullish reversal after breaking out of an ascending triangle on the daily timeframe.
“BTC bull market is alive and well or nah?”
The analyst also says that Bitcoin appears to be forming a cup-and-handle pattern on the daily time frame. A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
“Nearing BTC short-term target. Price not quite yet through all-time highs.”
Lastly, the analyst says that Bitcoin may be on the verge of a massive breakout as it appears to be repeating a similar pattern from 2018-2020.
“Similarities and differences in a maturing less volatile BTC market.”
Bitcoin is trading for $72,274 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney