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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Trader That Called May 2021 Collapse Says Bitcoin May Be Following Parabolic Path to $100,000 if History Repeats appeared first on The Daily Hodl.