Bitcoin's Bullish Reversal: Analyst Predicts 30% Rally to $110,000

Crypto analyst Dave the Wave, known for accurately predicting the 2021 Bitcoin crash, has shared his insights on the current state of Bitcoin. According to Dave the Wave, Bitcoin is in the process of forming a durable base for the next phase of the bull market. This analysis is based on the observation of an inverse head-and-shoulders pattern on the daily chart, a structure traditionally viewed as a bullish reversal pattern. This pattern suggests that buyers are no longer waiting for the price to revisit recent lows before accumulating the asset.

Dave the Wave's analysis includes a prediction that Bitcoin could rally close to $89,000 before dropping to support at $77,000 and then rallying to a new all-time high above $110,000. He believes that with a push through the first line of resistance, the neckline of a possible BTC reverse head and shoulders would be formed, creating a great basing pattern. Despite the bearish market sentiment for BTC, Dave the Wave maintains that Bitcoin’s long-term uptrend is intact and that the correction is almost over.

He highlights that the price action of Bitcoin suggests that the correction is nearing its end. Dave the Wave notes that an objective observer of the chart, unfamiliar with the market, would likely see a regular series of moves and corrections, inclining toward the view that the price is currently at the end of yet another correction. However, those closely tied to the market, watching its every daily move, are currently in a state of near panic. This phenomenon, according to Dave the Wave, can be explained by collective/crowd sentiment on the one hand, and ‘money illusion’ on the other.

At the time of writing, Bitcoin is worth $83,500. Dave the Wave's analysis provides a bullish outlook for Bitcoin, suggesting that the current price correction is likely at its end and that the cryptocurrency is poised for a significant rally in the near future. His insights are based on technical analysis and market sentiment, offering a comprehensive view of the current state of Bitcoin and its potential future movements.