Analysts specializing in the cryptocurrency world continue to offer different scenarios and predictions about the future of Bitcoin. One of these analysts is the crypto strategist known by the nickname “Dave the Wave” who correctly predicted the Bitcoin (BTC) crash in May 2021. Dave the Wave made interesting predictions about Bitcoin’s possible price movements based on chart analysis.
Dave the Wave to your analysis According to the report, Bitcoin may reach higher than current price levels. According to the analyst, Bitcoin could rise to $50,000 levels before retreating to the support level just below $35,000. This represents an optimistic short-term scenario.
However, from a longer-term perspective, Dave the Wave suggests that Bitcoin has significant upside potential. The analyst predicts that after a possible correction, Bitcoin could rise to $180,000, an increase of approximately 424% from current levels. Such massive rallies could be a notable scenario given the volatility of cryptocurrency markets. Dave the Wave seems to predict that this possible rise could occur by April 2025.
“A possible scenario for BTC…”
In another analysis, Dave the Wave focused on the “halving” event, where Bitcoin mining rewards will be halved. Halving means the rewards for Bitcoin miners are halved, and this event has caused significant increases in the price of Bitcoin in previous halvings. Dave the Wave predicts that Bitcoin will experience a mini-parabolic increase in price before the halving, which is expected to occur in 2024, just like it did before the 2020 halving.
Dave the Wave suggests that a mini-parabolic rally could see Bitcoin hit its all-time high just above $69,000.
In addition, according to the analyst, the moving average convergence/divergence (MACD) indicator shows that Bitcoin has entered a long-term uptrend mode. The MACD indicator is an indicator used to determine the strength and direction of a trend.
“BTC’s monthly MACD has now crossed the zero line, entering official bull territory…”
In conclusion, Dave the Wave’s analysis includes some striking scenarios and predictions regarding Bitcoin’s future price movements. However, it should not be forgotten that cryptocurrency markets are extremely volatile and uncertain. When making any investment decision, it is important to consider the risks and potential losses and to research diligently.
You can follow the current price movement here.