A crypto strategist who nailed Bitcoin’s (BTC) May 2021 meltdown is unveiling his massive long-term target for the flagship digital asset.
Pseudonymous analyst Dave the Wave tells his 140,000 followers on the social media platform X that Bitcoin appears to be in the midst of forming an immense inverse head and shoulders pattern on the monthly chart.
According to a chart shared by the analyst, he expects Bitcoin to break out of the bullish pattern sometime in 2025 en route to its target above $370,000.
“I don’t think anyone is expecting anything like this.
Always expect the unexpected.”
Looking at Dave the Wave’s chart, he appears to predict that BTC will revisit its all-time high at around $69,000 sometime next year before a deep corrective move below $50,000 to form the right shoulder of the pattern. The chart also shows that Bitcoin would go on a roaring two-year bull market after forming the base of the right shoulder.
Dave the Wave is also weighing in on the possible impact of Bitcoin’s upcoming halving, which is slated for April 2024. According to the analyst, he believes that the halving will serve as a catalyst that could push Bitcoin to its all-time highs next year.
“Though I think BTC halving will play an increasingly insignificant role as the market matures, it may serve yet as a stimulus again in the interim.
Price has previously exploded to the upside when the monthly peak close met the lower band of the LGC (logarithmic growth curve).
This would suggest a strengthening of price to previous highs in 2024… with the breakout in 2025.”
At time of writing, Bitcoin is worth $25,792.
Generated Image: Midjourney