dailyhodl.com
A closely followed crypto analyst says that Bitcoin ($BTC) is setting up for a potential price explosion before Christmas amid a favorable technical setup.
The pseudonymous trader known as Dave the Wave tells his 147,000 followers on the social media platform X that $BTC is in an ascending channel with an upward target of about $112,000 that could be hit around December 25th.
“A pre-Xmas day $BTC rally.”
Zooming out on the weekly chart, Dave the Wave suggests that $BTC is also trading within a longer-term ascending channel similar to the 2021 bull market.
The trader’s channel suggests that Bitcoin could be headed somewhere between the $180,000 and $220,000 range sometime in the first half of 2025.
Dave the Wave is also bullish on altcoins, noting that Bitcoin dominance ($BTC.D), which measures how much of the digital asset market belongs to $BTC, appears ready to break down, implying a jump in altcoins.
The trader’s chart suggests that $BTC.D has fallen out of a bearish ascending wedge while also hitting a diagonal resistance level at around the 57% level.
“$BTC dom. Quarter of the way there?”
According to the trader, Bitcoin moves in four-year cycles and, if $BTC 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.”
At time of writing, $BTC is trading at $100,102.
Generated Image: Midjourney