Crypto analyst and pseudonymous trader Dave the Wave has predicted a potential surge in Bitcoin‘s (CRYPTO: BTC) price before Christmas, citing a favorable technical setup.
What Happened: The crypto analyst shared his thoughts on the social media platform X and said that Bitcoin is in an ascending channel. He predicts a possible upward target of around $112,000 by December 25th.
Dave the Wave, who accurately predicted the 2021 market collapse, suggests that Bitcoin is also trading within a longer-term ascending channel, similar to the 2021 bull market.
His analysis indicates that Bitcoin could reach between $180,000 and $220,000 in the first half of 2025.
The trader also expressed optimism for altcoins, noting that Bitcoin dominance (BTC.D), a measure of Bitcoin’s share of the digital asset market, appears set to decline, implying a potential rise in altcoins.
Also Read: Crypto Expert Who Called 2022 Market Crash Warns About Bitcoin
Why It Matters: Dave the Wave’s analysis is based on the idea that Bitcoin operates in four-year cycles. If BTC’s past price action is mirrored, a parabolic move could be imminent.
This prediction is significant as it could influence the investment strategies of crypto traders and investors. At the time of the report, BTC was trading at $100,102.
Given the volatility of the crypto market, these predictions should be considered with caution. However, they do provide valuable insights into possible market trends and can serve as a guide for investors navigating the crypto space.
Read Next
Trump Fuels Bitcoin Rally, But Where Will It Go Next Year?
Image: Shutterstock
