dailyhodl.com
A crypto analyst known for making accurate Bitcoin calls believes $BTC still has yet to enter the most explosive phase of the market cycle.
Pseudonymous analyst Dave the Wave tells his 147,300 followers on the social media platform X that Bitcoin remains on track to soar into the six figures despite its recent dip into the low $90,000s.
According to the top trader, Bitcoin moves in four-year cycles and, if it were to mirror past price action, a parabolic move remains on the horizon.
“One positive if the $BTC price does correct is that it has, as yet, not gone parabolic, remaining in a technical upward channel.”
Dave the Wave also shares a chart suggesting that Bitcoin will likely hit $110,000 in the near term.
“Your move $BTC.”
Bitcoin’s four-year cycle is based on halving events when $BTC miner rewards are slashed in half. The reduction in new coins coming into the market has historically coincided with higher price levels for $BTC. The most recent halving happened in April.
The trader also shares a chart suggesting that Bitcoin will likely hit a cycle top above $200,000 by next year.
“$BTC halfway to its interim technical target, which would see it break the six-figure barrier.”
Bitcoin is trading for $96,478 at time of writing, up 4.8% in the last 24 hours.
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