A renowned cryptocurrency analyst known as Dave the Wave is predicting a potential Bitcoin price surge just before Christmas, based on technical analysis patterns. The analyst, who accurately predicted the 2021 market downturn, shared his insights with his 147,000 followers on X (formerly Twitter).
According to Dave the Wave's analysis, Bitcoin is currently moving within an ascending channel pattern that points to a possible target of $112,000 around December 25th. The trader's weekly chart analysis also reveals a broader ascending channel formation similar to the 2021 bull market pattern.
Looking further ahead, the analyst projects Bitcoin could reach between $180,000 and $220,000 by mid-2025, based on current technical formations.
The trader's optimism extends beyond Bitcoin to alternative cryptocurrencies (altcoins). Dave the Wave points to a potential breakdown in Bitcoin dominance (BTC.D), which measures Bitcoin's market share compared to other cryptocurrencies. The analysis shows BTC.D has fallen from a bearish ascending wedge pattern while encountering resistance near the 57% level - a technical setup that could signal upcoming strength in altcoin markets.
The analysis is partially based on Bitcoin's historical four-year cycle patterns, suggesting a parabolic price movement could be approaching. This cyclical behavior has been observed in previous market phases.
Bitcoin is currently trading at $100,102, as market participants watch for potential confirmation of these bullish predictions.
While past performance doesn't guarantee future results, Dave the Wave's previous success in predicting market movements has caught the attention of cryptocurrency enthusiasts and investors alike.