An analyst specializing in cryptocurrency, who accurately predicted the Bitcoin crash of 2021, suggests that BTC is currently establishing a strong foundation for the next phase of its bull market.
Known as Dave the Wave, this pseudonymous crypto strategist shares his insights with over 149,300 followers on the social media platform X. According to Dave, Bitcoin is showing signs of forming an inverse head-and-shoulders pattern on its daily chart.
The formation of an inverse head-and-shoulders pattern is typically interpreted as a bullish reversal signal, indicating that buyers are becoming more active in accumulating the asset without waiting for prices to drop to previous lows.
Dave the Wave predicts that Bitcoin could see a rally towards $89,000, followed by a drop to support levels around $77,000, before surging to a new all-time high above $110,000. He describes this potential pattern as a “great basing pattern” if Bitcoin breaks through the initial resistance line.
Despite a shift in market sentiment towards bearish for BTC, Dave maintains that Bitcoin’s long-term uptrend remains intact. He emphasizes that Bitcoin’s price action indicates that the correction phase is nearing its end.
At the time of writing, Bitcoin is valued at $83,500.
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