Crypto Analyst Predicts Bullish Reversal Pattern for Bitcoin
A well-known crypto analyst, Dave the Wave, who accurately predicted the 2021 Bitcoin market meltdown, now believes that BTC may be on the verge of forming a bullish reversal pattern.
Formation of Inverse Head-and-Shoulders Pattern
According to Dave the Wave, Bitcoin is showing early signs of an inverse head-and-shoulders pattern on the daily chart. This pattern is typically seen as a bullish signal, suggesting that buyers are entering the market without waiting for the price to revisit previous lows.
The analyst shared a chart indicating that Bitcoin could mimic its price movement from the second half of 2024 when it formed a similar bullish reversal pattern before surging to a new all-time high.
Potential Price Targets
Based on Dave the Wave’s analysis, Bitcoin could rally towards $90,000 to form the pattern’s neckline before retracing below $80,000 to create the right shoulder. The chart also suggests a breakout target of $117,000 for BTC.
Bitcoin’s Growing Role as a Safe-Haven Asset
Looking at the fundamental aspects of Bitcoin, Dave the Wave notes that the cryptocurrency has evolved from its origins as a tool for protection against authoritarian control. He believes that Bitcoin is increasingly becoming a reliable safe-haven asset.
Price Prediction and Market Sentiment
Earlier this month, Dave the Wave reiterated his forecast that Bitcoin could surge to $200,000 amidst uncertain macroeconomic conditions. He suggests that this uncertainty will drive investors to seek refuge in the leading cryptocurrency.
As of the time of writing, Bitcoin is trading at $85,416, marking an increase of over 2% in the past day.
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