A crypto strategist who nailed the May 2021 Bitcoin (BTC) meltdown reveals his massive long-term target for the flagship digital asset.
Pseudonymous analyst Dave the Wave tells his 140,000 followers on the social media platform X that Bitcoin appears to be in the midst of forming an immense inverted head-shoulder pattern on the monthly chart.
According to a chart shared by the analyst, he expects Bitcoin to break out of the bullish pattern sometime in 2025 on its way to its target above $370,000.
“I don’t think anyone expects something like that.
Always expect the unexpected.”
Looking at Dave the Wave’s chart, he seems to predict that BTC will reach its all-time high of around $69,000 sometime next year before a deep correction below $50,000 to form the right shoulder of the pattern. The chart also shows that Bitcoin would go through a two-year bull market after forming the base of the right shoulder.
Dave the Wave also weighs in on the potential impact of Bitcoin’s upcoming halving, which is scheduled for April 2024. According to the analyst, he believes the halving will serve as a catalyst that could push Bitcoin to its all-time high next year. .
“While I think the BTC halving will play an increasingly less important role as the market matures, it could serve as a stimulus again in the meantime.
The price has previously exploded upwards when the monthly high reached the lower band of the LGC (logarithmic growth curve).
This would indicate a rise in price to previous highs in 2024… with the breakout in 2025.”
At the time of writing, Bitcoin is worth $25,792.
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Generated image: Midjourney