A Promising Outlook for Bitcoin: Analyst Predicts Bullish Reversal Pattern
A well-known crypto analyst, Dave the Wave, who accurately predicted the 2021 Bitcoin crash, is now optimistic about the future of the leading cryptocurrency. According to Dave, BTC is currently in the process of establishing a strong foundation for the next phase of the bull market.
Creating a Bullish Reversal Pattern
On the social media platform X, Dave the Wave shared his insights with his 149,300 followers, pointing out that Bitcoin is forming an inverse head-and-shoulders pattern on the daily chart. This pattern is typically seen as a bullish reversal signal, indicating that buyers are becoming more active in accumulating the asset without waiting for prices to dip significantly.
Dave the Wave predicts that Bitcoin could rally towards $89,000 before experiencing a minor drop to around $77,000. Following this, he anticipates another rally that could push BTC to a new all-time high surpassing $110,000.
Staying Bullish on Bitcoin
Despite the prevailing bearish sentiment in the market, Dave the Wave remains confident in Bitcoin’s long-term uptrend. He suggests that the current correction phase is nearing its end, based on BTC’s price action.
Addressing the market sentiment, Dave states, “The year rolls on, and so does the chart. Any objective observer of the chart, unfamiliar with the market and not being caught up in it, will no doubt wonder what the panic is regarding price… And yet most of those more closely tied to the market, watching its every daily move in price, are currently in a state of near panic.”
As of now, Bitcoin is valued at $83,500, and the outlook remains positive according to Dave the Wave’s analysis.
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