Famous Analyst Dave The Wave Says Bitcoin Still Has Wiggle Room, Sets $300,000 Target
June 12 2024 - 7:00PM
NEWSBTC
Prominent crypto analyst Dave the Wave has provided a bullish
narrative for Bitcoin despite the flagship crypto’s recent setback.
As part of his analysis, he suggested how high Bitcoin could rise
in the short and long term. Bitcoin To Rise To As High As
$300,000 Dave the Wave suggested in an X (formerly Twitter) post
that Bitcoin could rise to as high as $300,000 based on his
logarithmic growth channel (LGC) indicator. Based on the chart he
shared, BTC’s rally to this unprecedented price level is expected
to happen sometime in 2025. Related Reading: Crypto Analyst
Identifies 5 Altcoins To Buy That Could Be A Good Bet Meanwhile, in
the short term, Dave the Wave expects Bitcoin to rise above
$100,000 later this year. He highlighted an ascending diagonal
line, which Bitcoin has continued to hold as support even following
its recent decline below $67,000. As such, the analyst believes
that the flagship crypto will remain in a multi-month upward trend
as far as it holds above the line. Crypto analyst Rekt
Capital also suggested that there was no need to worry about
Bitcoin’s pullback, stating that this current pullback would not
last forever. In fact, he remarked that everything was going
according to plan, as the Bitcoin pullback was long overdue based
on “historical tendencies.” The analyst expects Bitcoin to continue
consolidating in this Re-Accumulation range for a while. Rekt
Capital predicts that the breakout into the ‘Parabolic Uptrend’
phase will likely come in September this year if history repeats
itself. This aligns with Dave the Wave’s prediction that Bitcoin
will rise above $100,000 later this year. Rekt Capital also
warned Bitcoin investors about being shaken out of their positions.
He stated that Bitcoin will soon be transitioning into
“increasingly fearful territory” as its price drops to as low as
$60,000. He added that this “fear tends to precede the point of
maximum financial opportunity.” In another X post, he remarked that
Bitcoin will retrace deep enough to convince anyone that the bull
run is over, and then the flagship crypto will resume its
uptrend. BTC Still On Course Crypto analyst Mikybull Crypto
also shared a sentiment similar to Rekt Capital’s. He stated that
BTC is still in the range and advised investors not to get shaken
out. The analyst had earlier called for patience while BTC
consolidates in this range. He highlighted a wedge that he claimed
would send Bitcoin’s price to an initial target of $85,000 when a
breakout occurs. Related Reading: Ethereum Buying Pressure
Reaches Critical Level Amid Massive Whale Buying Crypto analyst
Jelle also suggested that this is the time for Bitcoin investors to
do nothing and just sit on their hands. The analyst reshared his
profit-taking strategy, which showed that Bitcoin investors should
only look to take profits when the flagship crypto climbs to
$80,000. Featured image created with Dall.E, chart from
Tradingview.com
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