A crypto analyst known for calling the 2021 crypto market collapse says that Bitcoin (BTC) is showing signs that it’s about to rally for another leg up.
Pseudonymous crypto trader Dave The Wave tells his 153,000 followers on X that the top crypto asset by market cap is showing “classic” signs of an upwards impulse.
According to the analyst’s chart, the flagship digital asset is following a traditional 5-wave pattern based on Elliot Wave Theory. The theory asserts that upward price swings occur in five waves, with the fourth wave acting as a corrective move while the fifth and final wave takes the impulse to its high.
Dave the Wave’s analysis suggests that BTC will find its local top near the end of 2025 or early 2026.
The analyst goes on to note that it appears as if the crypto king has found support around the $107,000 level, and is back on track after faltering last week. He calls the move a potential “shakeout before the breakout.”
“BTC technical support coming through…”
Last week, the analyst predicted that Bitcoin would surge to a price tag of $180,000 by the end of the year, saying its dip was small compared to what it experienced during the last few legs of this bull run, leading him to believe it will continue to skyrocket.
“Perspective people. This BTC bull run has seen two 30% corrections. This 8% is not much to write home about.”
Bitcoin is trading for $108,817 at time of writing, a marginal increase during the last 24 hours.
Follow us on X, Facebook and TelegramDon'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: DALLE3
