Veteran trader Dave the Wave, renowned for his precise prediction of the May 2021 cryptocurrency market slump, now foresees a swift rise in Bitcoin to $150,000. Addressing his 147,000 followers on the social media platform X, he asserts that a sharp 55% increase in Bitcoin's value could occur imminently, and would be far from unusual.
Dave the Wave's analysis, shared in a detailed chart, indicates that Bitcoin is navigating within a broad ascending wedge.
This pattern could see it reach the upper boundary of $150,000 by April. "A movement to $150,000 during this upcoming southern hemisphere summer would not be extraordinary," he remarks, emphasizing the potential for significant market activity.
Focusing on the short-term dynamics, Dave the Wave observes Bitcoin moving within a smaller ascending channel, where it currently grazes the lower support line. "The shorter-term channel for BTC is holding steady for now," he notes, suggesting continued stability in the immediate future. At the time of writing, Bitcoin is valued at $96,477.
The trader also expresses optimism about altcoins, suggesting that Bitcoin's market dominance (BTC.D) might experience a decline, likely boosting altcoin performance.
His chart analysis illustrates BTC.D breaking out of a bearish ascending wedge and encountering diagonal resistance at approximately 57%. "We are a quarter of the way there in BTC dominance," he suggests, pointing to potential shifts in market dynamics.