A trader with a history of making accurate predictions in the crypto space believes Bitcoin’s (BTC) multi-year uptrend is built on solid ground.
Pseudonymous analyst Dave the Wave tells his 153,800 followers on the social media platform X that a repeat of BTC’s 2021 double-top pattern is doubtful.
About four years ago, Bitcoin abruptly ended its bull market after failing to take out its resistance at $69,000 twice.
Dave the Wave notes in his chart that a parabolic move preceded BTC’s 2021 market peak. The steep ascent left Bitcoin exposed as panic selling and massive liquidation events drove BTC from a high of $69,000 to around $16,000.
On the contrary, the trader says that Bitcoin’s rise since 2023 has been sustainable as BTC printed higher highs and higher lows over time.
He notes that a 2021-style collapse is “unlikely” at this point.
In his bullish Bitcoin outlook, Dave the Wave thinks that it is within the realm of possibility for BTC to soar to his massive upside target in just a couple of months.
“Oh boy, I’ll be selling a little BTC for the fam if it hits $160,000 over the course of the next couple of months…”
For now, Dave the Wave says that Bitcoin needs to breach its last resistance zone to potentially trigger a parabolic rally toward his target.
“BTC convincingly through $110,000 and we could be looking at a front-run blow-off top…”
At time of writing, Bitcoin is trading for $109,628.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
