A closely followed trader known for calling the market cycle top in 2021 says that a sizeable rally to much higher prices is still technically conservative for Bitcoin (BTC).
The pseudonymous trader known as Dave the Wave tells his 153,000 X followers that he’s watching for a “conservative” Bitcoin price target above $150,000.
According to the analyst, BTC is currently travelling upward inside a large ascending channel, the upper bound of which suggests that the price target could be met by November this year.
Says Dave the Wave,
“BTC conservative technical target of $170,000.
In a manic, overheated market, [BTC] could go higher.”
Source: Dave the Wave/X
The trader is also bullish on altcoins, recently noting an emerging weakness in the Bitcoin dominance (BTC.D) chart. Bitcoin dominance keeps track of how much of the crypto market belongs to BTC, and is often used as a gauge of altcoin strength.
Dave the Wave says BTC.D appears to be topping, which has historically coincided with altcoin upswings. He’s targeting roughly the 42.5% area for BTC.D.
A downtrending BTC.D chart suggests that altcoins are rising in value faster than Bitcoin.
“BTC dom. Take your positions, ladies and gentlemen…”
Source: Dave the Wave/X
At time of writing, Bitcoin is trading at $117,785, up over 101% in the last year, while BTC.D is hovering at 59.50%.