“A wild rally is possible for Bitcoin”

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

Addressing his followers on the X platform, the analyst claimed that the Bitcoin ($BTC ) price could reach six-figure levels. The analyst based his prediction on the Elliott Wave theory.

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

Dave the Wave stated that the current price of BTC has increased by approximately 4.6 times after seeing the bottom. The analyst stated that the rise in question will continue and BTC will reach $ 180,000.

Dave the Wave pointed out that Bitcoin broke out of an ascending triangle and gained upward momentum on the daily chart. The analyst, who stated that the movement in question could be a bullish signal, evaluated the fact that Bitcoin has not yet reached its all-time high as an opportunity.

The analyst emphasized that Bitcoin has formed a formation known as a cup and handle on its daily chart. The formation in question typically indicates that the rise will continue. The formation indicates that the asset will pause for a while and gather strength before passing a significant resistance level.

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