A veteran trader who accurately predicted the May 2021 crypto collapse says that Bitcoin (BTC) is setting up for a solid end-of-year performance.
Pseudonymous trader Dave the Wave shares a chart with his 145,000 followers on the social media platform, suggesting that Bitcoin is trading within a range between $54,000 and $74,000.
However, the trader’s chart also suggests that by the end of this year, the range will brush up against a long-term diagonal support that could act as a launch pad for upward price action before 2025.
“BTC setting up for 4th quarter fireworks…”
Explains the analyst,
“With BTC price currently stuck in a multi-month range, we can easily forget that it is also currently pushing all-time highs, and where the current price was also first reached back over three years ago. Though psychologically we have become used to the price, the fact remains it is at a very high level, and for an extended period of time.
Also of significance here is that this range has provided a relative macro stability to price, where it has neither gone parabolic to the upside, or collapsed back in a serious correction. Rather, it has held up where selling pressure has been met by buying pressure. That it failed to launch into a parabolic spike is, from the technical perspective, a positive – showing a more stable and technical advance in price without that threat of the post-parabolic collapse.”
Dave the Wave said last 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.”
At time of writing, Bitcoin is worth $54,291, down over 10% on the day.
Generated Image: Midjourney