Analyst Who Called Major Bitcoin Crash Says Parabolic BTC Rally Is Coming – Here’s His Target
A crypto strategist who nailed Bitcoin’s Could 2021 collapse says {that a} steep rally could possibly be on the horizon for BTC.
Pseudonymous analyst Dave the Wave tells his 136,00 followers that Bitcoin could possibly be mirroring its early 2019 value motion when the king crypto surged from beneath $4,000 to about $14,000 in a couple of months.
“A BTC danger to the upside. Quantity can get massive quick…”
Taking a look at Dave the Wave’s chart, he seems to foretell a parabolic surge for Bitcoin to round $50,000 by Could of this 12 months. At time of writing, BTC is buying and selling for $24,265, suggesting an upside potential of over 100% for the king crypto if it hits the analyst’s goal.
Trying on the long-term upside potential of Bitcoin, Dave the Wave makes use of Elliott Wave concept to forecast a brand new Bitcoin all-time excessive at $150,000 someday in early 2025.
“With a maturing BTC market, why not a traditional impulse wave up inside the LGC [logarithmic growth curve]?”
Elliott Wave concept is a complicated technical evaluation method that tries to foretell future value motion by following crowd psychology that tends to manifest in waves. In response to the idea, a bullish asset goes via a five-wave rally the place waves one, three and 5 are bursts to the upside.
Based mostly on Dave the Wave’s chart, he thinks that Bitcoin may right to round $25,000 after his predicted parabolic surge earlier than an eruption to $68,000 for wave three after which $150,000 for wave 5.
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Featured Picture: Shutterstock/Tithi Luadthong
