A seasoned trader who accurately predicted the May 2021 crypto crash says Bitcoin (BTC) is poised for a strong end to the year.
A trader who goes by the pseudonym Dave the Wave shares a chart with his 145,000 followers on the social media platform, suggesting that Bitcoin is trading in a range between $54,000 and $74,000.
However, the trader’s chart also suggests that the range will hit long-term diagonal support by the end of this year, which could serve as a launchpad for an upward price move into 2025.
“BTC gears up for Q4 fireworks…”
The analyst explains:
“With the BTC price currently stuck in a multi-month range, we can easily forget that it is also currently reaching all-time highs, and that the current price was also first reached over three years ago. While we have become psychologically accustomed to the price, the fact remains that it is at a very high level and has been for a long time.
“Also importantly, this range provided relative macro stability in price, where it did not go parabolic and crash back down in a major correction. Rather, it held where selling pressure met buying pressure. That it failed to launch into a parabolic run is a positive from a technical perspective – showing a more stable and technical rally in price without that threat of a post-parabolic crash.”
Last 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, the price of Bitcoin was $54,291, down more than 10% in a day.
Generated image: Midjourney
