A crypto strategist who nailed Bitcoin’s May 2021 collapse says that a steep rally could be on the horizon for BTC.
Pseudonymous analyst Dave the Wave tells his 136,00 followers that Bitcoin could be mirroring its early 2019 price action when the king crypto surged from below $4,000 to about $14,000 in a few months.
“A BTC risk to the upside. Number can get big fast…”
Looking at Dave the Wave’s chart, he appears to predict a parabolic surge for Bitcoin to around $50,000 by May of this year. At time of writing, BTC is trading for $24,265, suggesting an upside potential of over 100% for the king crypto if it hits the analyst’s target.
Looking at the long-term upside potential of Bitcoin, Dave the Wave uses Elliott Wave theory to forecast a new Bitcoin all-time high at $150,000 sometime in early 2025.
“With a maturing BTC market, why not a classic impulse wave up within the LGC [logarithmic growth curve]?”
Elliott Wave theory is an advanced technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rally where waves one, three and five are bursts to the upside.
Based on Dave the Wave’s chart, he thinks that Bitcoin could correct to around $25,000 after his predicted parabolic surge before an eruption to $68,000 for wave three and then $150,000 for wave five.
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Featured Image: Shutterstock/Tithi Luadthong