Veteran traders who accurately predicted the cryptocurrency's 2021-2025 crash say bitcoin (BTC) is poised for a solid performance by the end of the year.
"fireworks
" in Q4
a trader under the pseudonym Dave Wave shared the chart with his 145,000 followers on social media, suggesting that #bitcoin is trading in a range between $54,000 and $BTC the trader's chart also suggests that the range will encounter long-term diagonal support by the end of the year, which could serve as a starting point for an upward price move through 2025.
#BTC is gearing up for fireworks in Q4...
The analyst explain
BTC price is currently stuck in a multi-month range, so it's easy to forget that it's still hitting all-time highs and the current price is psychologically familiar to us, but it's at a very high level and has been for a long time
it's also important that this range doesn't go up in a parabola and provides relative macroeconomic stability to the price, which hasn't collapsed in a major correction. Rather, it resisted where selling pressure met buying pressure. The fact that prices are not entering a parabolic spike is a positive from a technical perspective - it indicates a more stable technological price rise without the threat of a post-parabolic collapse.
Last month, Dave Wave said that bitcoin's recent deep correction to the $50,000 range would be beneficial for bitcoin and could grow 400% and reach a bull market target price of $ 220,000 by the end of 2025.
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