A trader known for making timely crypto market calls believes that Bitcoin (BTC) has the potential to reach the six-figure level much sooner than most think.
Pseudonymous analyst Dave the Wave tells his 146,400 followers on the social media platform
He believes Bitcoin could repeat a similar pattern from earlier this year, when it corrected and then rose about 85% to hit a new all-time high.
“If BTC were to make a similar move to the recent one where the price knocked on the door of $100,000.”
The analyst too suggests that Bitcoin is in an uptrend after convincingly breaking out of a descending triangle.
“That’s a solid PA (price action) BTC.”
Dave the Wave said earlier this month that Bitcoin’s recent deep correction to the $50,000 range could be beneficial for Bitcoin, sending it up 400% towards its price target of $220,000 by the end of 2025.
“BTC short-term pain, long-term gain.”
Bitcoin is trading at $66,937 at the time of writing, down slightly in the past 24 hours.
The analyst too say that gold appears to be heading towards its all-time high (ATH) target price of $2,750.
“ATHs in gold. Old graph. On target.”
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Generated image: Midjourney