dailyhodl.com
A veteran trader known for accurately calling the crypto market collapse of May 2021 says that a quick Bitcoin ($BTC) rally to $150,000 in the near future is in the cards.
Pseudonymous Dave the Wave tells his 147,000 followers on the social media platform X that a sudden 55% rally for $BTC wouldn’t be anything out of the ordinary.
Based on a chart shared with his followers, the trader appears to suggest that $BTC has been trading within a large ascending broadening wedge, with an upper bound near $150,000 if tapped by April.
“A $BTC move to $150,000 this southern summer would not be extraordinary…”
Zooming in on the short term, Dave the Wave says that $BTC is trading in a smaller ascending channel, currently trading near the support on the lower bound.
“$BTC shorter-term channel holding up so far…”
At time of writing, Bitcoin is trading at $96,477.
Dave the Wave is also bullish on altcoins, noting that Bitcoin dominance ($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?”
Generated Image: Midjourney