A trader known for making timely crypto market calls believes that Bitcoin (BTC) has the potential to reach the six-figure level much sooner than most believe.
Pseudonymous analyst Dave the Wave tells his 146,400 followers on the social media platform X that based on historical precedence Bitcoin could soar 85% from the local market bottom to reach $100,000.
He believes that Bitcoin could be repeating a similar pattern from earlier this year when it corrected and then soared about 85% to reach a new all-time high.
“If BTC made a similar move to the recent one looking at price knocking on the door of $100,000.”
The analyst also suggests that Bitcoin is in an uptrend after convincingly breaking out from a descending triangle.
“That’s some solid PA (price action) BTC.”
Dave the Wave said earlier this month that Bitcoin’s recent deep correction into the $50,000 range could be beneficial for Bitcoin, positioning it to rally by 400% toward his bull market price target of $220,000 by the end of 2025.
“Short-term BTC pain, long-term gain.”
Bitcoin is trading for $66,937 at time of writing, down slightly in the last 24 hours.
The analyst also says that gold appears to be heading for his all-time high (ATH) target price of $2,750.
“ATHs in gold. Old chart. On target.”
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Generated Image: Midjourney