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“A Wild Rally Possible for Bitcoin”

Dave the Wave, who correctly predicted the crypto crash in May 2021, predicted that the price of Bitcoin would increase by 160% in this cycle.

Addressing his followers from the X platform, the analyst claimed that the price of Bitcoin (BTC) could reach six-digit levels. The analyst based his forecast on Elliott Wave Theory.

Elliott wave theory suggests that an asset will go through a rally process with five different fluctuations. The first, third and fifth waves in the indicator represent the upswing. On the other hand, the second and fourth waves emphasize corrective periods.

Dave The Wave reported that the current price of BTC has increased by about 4.6 times since hitting the bottom. The analyst said that demand will continue to rise and BTC will reach $180,000.

“Bitcoin Will Continue Its Rise”

Dave the Wave notes on the daily chart that Bitcoin has broken out of an ascending triangle and is gaining upward momentum. Stating that the movement in question could be a bull signal, the analyst viewed it as a chance that Bitcoin has not yet reached its all-time high.

The analyst emphasized that Bitcoin formed a formation called Cup and Handle on its daily chart. The formation in question usually indicates that growth will continue. The pattern indicates that the asset will briefly stop and gather strength before breaking a key resistance level.

Dave the View reminded that Bitcoin had a similar formation in the 2018-2020 period. The analyst suggested that the similarity is a bullish signal for the current price action.

This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.

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