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An analyst who accurately called the Bitcoin top last cycle believes BTC is gearing up for new rallies toward the end of the year.
Pseudonymous analyst Dave the Wave tells his 152,500 followers on the social media platform X that Bitcoin appears to be grinding higher within an ascending channel on the daily chart en route to its all-time highs above $124,000.
“Range setting up for BTC fireworks 4th quarter…”
Source: Dave the Wave/X
Zooming in, Dave the Wave says Bitcoin has managed to take out its near-term diagonal and horizontal resistances after bouncing from $106,000 last month.
“BTC shorter-term price action looking promising with two resistances broken to the upside…”
Source: Dave the Wave/X
The analyst had predicted that Bitcoin would surge to a price tag of $180,000 by the end of the year.
At time of writing, Bitcoin is trading for $115,286.
Turning to the altcoin market, Dave the Wave says he’s keeping a close watch on the TOTAL2 chart, which tracks the total market cap of all crypto assets excluding Bitcoin and alts.
According to Dave the Wave, TOTAL2 appears to be preparing to break out to new all-time highs and rally toward his target at $3.22 trillion.
“TOTAL2 breaking to new highs…”
Source: Dave the Wave/X
At time of writing, TOTAL2 is trading at $1.652 trillion.
