A trader known for his timely crypto market predictions believes that Bitcoin (BTC) has the potential to reach six figures much sooner than most people think.
An analyst going by the pseudonym Dave Wave tells his 146,400 followers on social media platform X that, based on historical data, Bitcoin could rise 85% from the local market bottom to reach $100,000.
He believes Bitcoin could repeat a similar situation earlier this year, when it corrected and then soared by about 85% to reach a new all-time high.
“If BTC were to make the same move as it has in the recent past, the price would be knocking on the door of $100,000.”
The analyst also suggests that Bitcoin is in an uptrend after a convincing breakout from a descending triangle.
“This is solid price action for BTC.”
Earlier this month, Dave the Wave said that Bitcoin’s recent deep correction to $50,000 could be a win for him, as it would allow it to rally 400% to his bull market target of $220,000 by the end of 2025.
“BTC’s Short-Term Problems, Long-Term Gains.”
At the time of writing, Bitcoin is trading at $66,937, down slightly over the past 24 hours.
The analyst also says gold is likely heading towards its all-time high (ATH) price target of $2,750.
“ATH in gold. Old scheme. On target.”
Generated image: Midjourney
