A closely followed trader known for calling the market cycle top in 2021 predicts that Bitcoin (BTC) and gold will continue to mount rallies.
The pseudonymous trader known as Dave the Wave tells his 153,100 X followers that gold remains trading within a key range and may soon print a bullish retest of an upward diagonal trendline dating back to 2024.
“Gold also rangebound and coming back to a longer-term diagonal.”
Source: Dave the Wave/X
Gold is trading for $3,325 per ounce at time of writing, a marginal decrease on the day.
Next up, the analyst predicts that Bitcoin will hold its range low around $112,000 as support after the flagship crypto asset has been retracing since printing an all-time high of about $124,000 last week.
“Looking for this BTC range to hold.”
Source: Dave the Wave/X
The analyst also says that Bitcoin’s market structure remains in a bullish trend and that the top crypto asset will likely soon resume rallying.
“Some say the market keeps us guessing or instead ask whether the top is in. But with the trend on the chart remaining solid, it’s perfectly reasonable to believe that price will continue upward in that trend. Not until a break of that trend should we begin to ask whether the top is [or was] in.”
The analyst previously said that Bitcoin may exceed $150,000 by November as it remains inside a large ascending channel.
Says Dave the Wave,
“BTC conservative technical target of $170,000. In a manic, overheated market, [BTC] could go higher.”
Bitcoin is trading for $113,508 at time of writing, down 2.6% in the last 24 hours.
Generated Image: Midjourney