Trader Predicting a Breakdown in 2021 Predicts Peak Price for Bitcoin (BTC) During Next Market Expansion
A popular trader who aptly named Bitcoin’s (BTC) crash in May 2021 is setting a technical target for the top crypto asset to hit in order to set itself up for a huge rally late next year.
Pseudonymous analyst Dave the Wave shares a chart with his 142,600 followers on social media platform X that suggests BTC could rise to $70,000 around mid-September 2024.
He says Bitcoin could experience “another mini-parabola” that drives the upcoming halving, which is currently expected to take place on April 18, 2024, according to BuyBitcoinWorldwide.
If BTC hits $70,000 by September next year, Dave the Wave’s chart suggests that Bitcoin could see a similar rally to 2017, when the top crypto asset hit around $1,400 in May rose to nearly $20,000 in December.
Source: Dave The Wave/X
Dave the Wave points out that such a goal is also consistent with the Bitcoin principle of diminishing returns. He also shares another chart that shows BTC rising to $180,000 by April 2025, which would represent an increase of more than 400% from the current price point.
Bitcoin is trading at $35,375 at the time of writing. The highest-valued crypto asset by market cap is up more than 26% in the last 30 days.
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