A cryptocurrency analyst who was once famous for accurately predicting the market crash of 2021 states that Bitcoin (BTC) is sending clear signals for a new growth phase.
Analyst Dave The Wave stated with over 153,000 followers on X that the leading cryptocurrency is showing "classic" signs of an upward breakout.
According to him, the price chart is currently moving correctly according to the Elliott wave pattern with a structure of 5 waves – in which the fourth wave plays a corrective role, before the fifth wave pushes the price to a local peak. Based on this analysis, Bitcoin may establish a new peak by the end of 2025 or early 2026.
BTC/USDT daily chart | Source: Dave The Wave/XDave The Wave also emphasizes that the "king of crypto" seems to have established a support zone around the 107,000 USD mark and is regaining upward momentum after last week's short-term correction. He called this a "shakeout before the breakout" and affirmed: "The technical support level of BTC is proving effective."
Just a week ago, this expert boldly predicted that Bitcoin could reach the milestone of 180,000 USD by the end of this year. According to him, the recent correction is just a slight decline, completely incomparable to the sharp drops that occurred in previous bull cycles, and therefore has almost no impact on BTC's breakout prospects.
"It is important to look at the bigger picture. In the current uptrend, Bitcoin has experienced two deep corrections of up to 30%. Compared to those drops, the recent decline of 8% is really insignificant," he analyzed.
BTC/USDT daily chart | Source: Dave The Wave/XAt the time of writing, Bitcoin is trading around 108,817 USD, slightly up compared to 24 hours ago. "The technical support level of BTC is still effective," he emphasized.
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Analyst: Bitcoin is in the 'shakeout before the breakout' phase
A cryptocurrency analyst who was once famous for accurately predicting the market crash of 2021 states that Bitcoin (BTC) is sending clear signals for a new growth phase.
Analyst Dave The Wave stated with over 153,000 followers on X that the leading cryptocurrency is showing "classic" signs of an upward breakout.
According to him, the price chart is currently moving correctly according to the Elliott wave pattern with a structure of 5 waves – in which the fourth wave plays a corrective role, before the fifth wave pushes the price to a local peak. Based on this analysis, Bitcoin may establish a new peak by the end of 2025 or early 2026.
Just a week ago, this expert boldly predicted that Bitcoin could reach the milestone of 180,000 USD by the end of this year. According to him, the recent correction is just a slight decline, completely incomparable to the sharp drops that occurred in previous bull cycles, and therefore has almost no impact on BTC's breakout prospects.
"It is important to look at the bigger picture. In the current uptrend, Bitcoin has experienced two deep corrections of up to 30%. Compared to those drops, the recent decline of 8% is really insignificant," he analyzed.
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