A veteran trader known for accurately calling the crypto market collapse of May 2021 says that a quick Bitcoin (BTC) rally to $150,000 in the near future is in the cards.
Pseudonymous Dave the Wave tells his 147,000 followers on the social media platform X that a sudden 55% rally for BTC wouldn’t be anything out of the ordinary.
Based on a chart shared with his followers, the trader appears to suggest that BTC has been trading within a large ascending broadening wedge, with an upper bound near $150,000 if tapped by April.
“A BTC move to $150,000 this southern summer would not be extraordinary…”
Zooming in on the short term, Dave the Wave says that BTC is trading in a smaller ascending channel, currently trading near the support on the lower bound.
“BTC shorter-term channel holding up so far…”
At time of writing, Bitcoin is trading at $96,477.
Dave the Wave is also bullish on altcoins, noting that Bitcoin dominance (BTC.D), which measures how much of the digital asset market belongs to BTC, appears ready to break down, implying a jump in altcoins.
The trader’s chart suggests that BTC.D has fallen out of a bearish ascending wedge while also hitting a diagonal resistance level at around the 57% level.
“BTC dom. Quarter of the way there?”
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Generated Image: Midjourney
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