A crypto analyst who nailed the 2022 Bitcoin bull market top says steep rallies are within the realm of possibility for BTC.
Pseudonymous analyst Dave the Wave tells his 147,000 followers on the social media platform X that he thinks parabolic surges are in sight for Bitcoin as soon as BTC shatters the psychological price area of $100,000.
According to the top trader, Bitcoin’s four-year cycle is still intact, indicating that BTC will likely mirror its price action in the past when the crypto king went parabolic after recording new cycle highs.
“Such a multi-year timeline is in keeping with the previous patterns seen in the BTC market. And though I’ve argued that the ‘four-year cycle’ is likely to be disrupted at some point, due to a maturing more liquid market, this coming cycle may mark a transitioning phase. Until the pattern is disrupted and broken, it makes sense to factor it in…
That price should continue to run to six figures and from there, going parabolic proper would come as no huge surprise. While that of course is no sure thing, it is something that the trader/ investor should have in mind insofar as they cover risk to both sides.
Such an eventuality would of course involve a ‘frontrunning’ of price for those expecting the multi-year pattern of previous years to once again run its course. The market never fails to surprise, and this outcome would no doubt be one way of doing that in a maturing market.”
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.
Dave the Wave 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.”
Source: Dave the Wave/X
At time of writing, Bitcoin is worth $90,060.
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