A popular trader who accurately called Bitcoin’s (BTC) May 2021 crash is laying out a technical target for the top crypto asset to reach in order to be in position for a huge rally late next year.
Pseudonymous analyst Dave the Wave shares a chart with his 142,600 followers on the social media platform X that indicates BTC could surge to the $70,000 level around mid-September of 2024.
He says Bitcoin could see “another mini-parabola” frontrunning its upcoming halving, which is currently on track to happen on April 18th, 2024, according to BuyBitcoinWorldwide.
If BTC hits that $70,000 level by next September, Dave the Wave’s chart indicates Bitcoin could explode on a similar rally to the one it witnessed back in 2017, which saw the top crypto asset skyrocket from around $1,400 in May to nearly $20,000 that December.
Dave the Wave notes that such a target is also consistent with Bitcoin’s principle of diminishing returns. He also shares another chart that shows BTC surging to the $180,000 range by April 2025, which would represent a more than 400% increase from its current price point.
Bitcoin is trading at $35,375 at time of writing. The top-ranked crypto asset by market cap is up by more than 26% in the past 30 days.
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