A seasoned cryptocurrency trader who is well-known in the space for accurately predicting the May 2021 market crash has recently revealed he is optimistic about Bitcoin’s performance in the last quarter of the year.
The pseudonymous cryptocurrency trader Dave the Wave told his over 145,000 followers on the popular microblogging platform X (formerly known as Twitter) that Bitcoin is “setting up for 4th quarter fireworks.”
The trader shared a chart in his post suggesting Bitcoin is currently trading between $54,000 and $74,000 and could skyrocket before the beginning of next year.
#btc setting up for 4th quarter fireworks…😎 pic.twitter.com/DyRZf3bpwg
— dave the wave🌊🌓 (@davthewave) August 2, 2024
The trader has explained that Bitcoin’s price is “currently stuck in a multi-month range” which makes it easy to “forget that it is also currently pushing all time highs” and that the “current price was also first reached back over 3 years ago.”
Per his words while investors have psychologically become used to the price, the “fact remains it is at a very high level, and for an extended period of time.”
Moreover, the absence of a parabolic spike, Dave the Wave said, is seen as a positive indicator of a more stable and sustained growth trajectory. The trader’s analysis suggests that Bitcoin is approaching a long-term support level that could act as a springboard for a substantial price increase before the end of 2025.
As CryptoGlobe reported, the amount of Bitcoin on exchanges has been seeing an increase in outflows “despite the fact that Bitcoin has entered into a fluctuation area since February.”
According to analysis published by on-chain analytics firm CryptoQuant, there has been a steady rise in Bitcoin outflows from exchanges in recent weeks, in a trend that is typically seen as bullish. A smaller supply of BTC exchanges means that the cryptocurrency’s price could rise if demand is maintained or grows.
Featured image via Unsplash.
