Analyst Who Correctly Predicted 2021 Crash Expects Bitcoin Price Surge Of 160%

Renowned crypto analyst Dave the Wave successfully predicted the crash of Bitcoin (BTC) in May 2021, shortly after the digital currency reached an all-time high of over $67,000. Immediately after his prediction, BTC began a downward move that ended at a low of around $16,000.

Now Dave the Wave is once again setting his sights on the crypto market, this time with a much more positive outlook.

Bitcoin on its way to $180,000?

The analyst states that a 160% increase in the Bitcoin price is not only possible, but even probable. His analysis is based on Elliott Wave theory, which indicates that a bull market typically develops in a five-wave pattern. The first, third and fifth waves lead to price increases, while the second and fourth waves cause corrections.

According to its charts, Bitcoin is currently in the fifth and final wave of this upward pattern, indicating a possible significant price increase. Dave the Wave expects this move to take Bitcoin to a new all-time high (ATH) of around $180,000.

Technical patterns reinforce expectations

A striking element in his analysis is the “cup-and-handle” pattern he identified on the daily chart. This technical pattern is generally considered bullish and suggests that BTC could undergo a short correction before breaking through a key resistance level. This formation confirms Dave the Wave’s optimism and his belief that the Bitcoin market is in a healthy bull phase.

Historical comparisons provide perspective

Dave the Wave also sees strong similarities to the market movements between 2018 and 2020. Back then, a period of limited volatility preceded a major breakout and significant price appreciation. The analyst notes similar characteristics in the current consolidation phase and expects that BTC can once again show a similar price development.