dailyhodl.com
A closely followed trader known for calling the market cycle top in 2021 says that a sizeable rally to much higher prices is still technically conservative for Bitcoin ($BTC).
The pseudonymous trader known as Dave the Wave tells his 153,000 X followers that he’s watching for a “conservative” Bitcoin price target above $150,000.
According to the analyst, $BTC is currently travelling upward inside a large ascending channel, the upper bound of which suggests that the price target could be met by November this year.
Says Dave the Wave,
“$BTC conservative technical target of $170,000.
In a manic, overheated market, [$BTC] could go higher.”
The trader is also bullish on altcoins, recently noting an emerging weakness in the Bitcoin dominance ($BTC.D) chart. Bitcoin dominance keeps track of how much of the crypto market belongs to $BTC, and is often used as a gauge of altcoin strength.
Dave the Wave says $BTC.D appears to be topping, which has historically coincided with altcoin upswings. He’s targeting roughly the 42.5% area for $BTC.D.
A downtrending $BTC.D chart suggests that altcoins are rising in value faster than Bitcoin.
“$BTC dom. Take your positions, ladies and gentlemen…”
At time of writing, Bitcoin is trading at $117,785, up over 101% in the last year, while $BTC.D is hovering at 59.50%.