A top cryptocurrency analyst known for predicting the May 2021 Bitcoin crash believes that BTC could reach six figures in this market cycle.
An anonymous trader named Dave the Wave told his 146,800 followers on the social media platform X that the Elliott Wave Theory suggests Bitcoin could surge by 160%.
The Elliott Wave Theory suggests that bullish assets often experience five waves of rallies, where the first, third, and fifth waves represent impulsive upward movements, while the second and fourth waves are corrective periods.
Since the BTC price has already risen 4.6 times from the bottom, a further increase of 2.6 times is also completely feasible.
From the chart, this analyst believes that Bitcoin is currently forming the fifth wave, which could soar to $180,000.
Next, the analyst shared a chart indicating that Bitcoin is experiencing a bullish reversal after breaking the ascending triangle in the daily time frame.
Is the BTC bull market still strong, or is it fading?
The analyst also stated that Bitcoin seems to be forming a cup and handle pattern on the daily chart. The cup and handle pattern is often seen as a bullish continuation pattern, indicating that the asset makes a brief pause after a significant rise before breaking through key resistance levels.
Approaching the short-term target for BTC. The price has not yet broken the all-time high.
Finally, analysts say that Bitcoin may be on the verge of a major breakout, as it appears to be repeating a similar pattern from 2018 to 2020.
Similarities and differences in a mature and less volatile BTC market.
As of the writing of this article, the trading price of Bitcoin is $72,274.
