Crypto Trader Says 2021-Style Bitcoin Bull Market Peak Unlikely, Unveils Upside Target for BTC in Two Months
Bitcoin Analyst Predicts Bullish Future for BTC
A trader known for his accurate predictions in the cryptocurrency space has expressed confidence in Bitcoin’s long-term uptrend, suggesting that the current market conditions are stable.
Popular analyst Dave the Wave, who has a significant following on the social media platform X, recently shared his insights on BTC’s price trajectory. He believes that a repeat of the double-top pattern that led to Bitcoin’s 2021 market peak is unlikely.
Reflecting on Bitcoin’s previous bull market cycle, Dave notes that the abrupt end was marked by a failure to surpass the $69,000 resistance level. The subsequent parabolic move in 2021 resulted in a sharp decline from $69,000 to $16,000 due to panic selling and massive liquidations.
Contrary to the previous cycle, Dave points out that Bitcoin’s current uptrend since 2023 has been characterized by consistent higher highs and higher lows, indicating a more sustainable growth pattern.
He shares a chart highlighting the differences between the 2021 market peak and the current market conditions, suggesting that a collapse similar to 2021 is unlikely at this point.
Looking ahead, Dave the Wave is optimistic about Bitcoin’s potential to reach new highs, with a bold upside target that could be achieved in the coming months.
He mentions, “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…”
In order to trigger a potential parabolic rally towards his target, Dave suggests that Bitcoin needs to overcome its last resistance zone.
He adds, “BTC convincingly through $110,000 and we could be looking at a front-run blow-off top…”
As of the current writing, Bitcoin is trading at $109,628.
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