Bitcoin (BTC) has had a rough week as it struggled to maintain levels above $35,000 but struggled to break it. Analysts suggest that investors may have profited from BTC and shifted their focus to altcoins, pushing up the prices of alternative cryptocurrencies. On the other hand, Dave the Wave, the analyst who predicted the collapse in 2021, made critical statements. Here are the analyzes for the upcoming period…
Bitcoin remained in a certain range
Throughout the week, Bitcoin’s price has hovered between $34,000 and $35,000, with any attempt to move above this range facing significant selling pressure. At one point, BTC reached a new yearly high, almost touching $36,000, but faced a strong downside correction. By the end of the week, Bitcoin was trading at around $34,400, marking a modest gain of just under 2% for the week. Ether (ETH) also saw a similar increase in its price.
While Bitcoin faced resistance, several large-cap tokens of layer 1 networks made significant gains, including Avalanche (AVAX), Cardano (ADA), Polkadot (DOT), and Solana (SOL). These altcoins are up 10% to 25% over the week. DeFi tokens made the most significant weekly advance, up nearly 10%. Tokens from decentralized exchanges such as UniSwap (UNI) and SushiSwap (SUSHI), as well as the native token of lending platform Aave (AAVE), also contributed to this growth. Approximately 30% of the supply of Voyager Digital’s native token VGX was sent to an incineration address, presumably for destruction. This development may have affected the token price.
What’s next?
Lucas Outumuro, director of research at IntoTheBlock, stated that this shift towards smaller, riskier tokens is an indicator of capital rotation away from Bitcoin and Ether. Historically, crypto cycles have seen Bitcoin lead the initial surge, followed by Ether, and then capital is allocated to lower-capitalization and riskier assets. This week’s data shows this rotation has begun, with DeFi and alternative Layer 1 tokens experiencing strong recoveries.
He knew about the 2021 crash: He announced his new comments
Separately, crypto strategist Dave the Wave, known for accurately predicting the May 2021 Bitcoin crash, suggests that Bitcoin is poised for a significant uptrend. According to his analysis, Bitcoin could potentially rise to around $50,000 before correcting to a support level just below $35,000. Following this correction, Dave the Wave predicts that Bitcoin could rise to a price of up to $180,000, representing a gain of approximately 424% from current levels. He suggests that this six-figure price target could be reached by April 2025.
In addition, Dave the Wave’s charts point to a mini parabolic surge that could push Bitcoin just above its all-time high of around $69,000 ahead of the Bitcoin halving scheduled for April 2024. According to Dave the Wave, the moving average convergence/divergence (MACD) indicator shows that Bitcoin has moved into a long-term uptrend, which is encouraging news for Bitcoin enthusiasts.
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