Bitcoin (BTC) analyst who nailed the 2021 market meltdown sees bullish reversal pattern

Pseudonymous analyst Dave the Wave tells his 149,300 followers on the social media platform X that Bitcoin looks to be in the early stages of printing an inverse head-and-shoulders pattern

Crypto analyst Dave the Wave, known for his accurate prediction of the 2021 Bitcoin market meltdown, sees signs of a bullish pattern forming in BTC.

As reported by Benzinga, the analyst, who boasts 149,300 followers on X, suggests that Bitcoin appears to be in the initial stages of forging an inverse head-and-shoulders pattern in the daily chart.

This pattern, typically viewed as bullish, suggests that buyers are stepping in without waiting for the price to revisit recent lows, a characteristic of an exhausted seller.

The trader's chart, which he says "your move, BTC," depicts Bitcoin potentially repeating its price action during the 2nd half of 2024, where it formed the same bullish reversal pattern before surging to a new all-time high.

According to the trader's chart, Bitcoin will rally to form the pattern's neckline at around $90,000 before dropping to create the right shoulder below $80,000.

The chart also suggests a breakout target of $117,000 for BTC.

Examining the fundamental properties of BTC, Dave the Wave notes that Bitcoin's primary use case has shifted significantly.

Initially seen as a tool designed by cypherpunks to protect people against authoritarian control, Bitcoin is now steadily growing to become a reliable safe-haven asset, a role that is becoming increasingly apparent with the current economic climate.

"Get your thinking right about BTC, and you’ll not be disappointed or demoralized," the analyst stated.

In the early days, it may have been about cypherpunk, etc. It is now an alternate currency in the process of being capitalized and taken a lot more seriously.

Market maturity moving toward price discovery.

Earlier this month, Dave the Wave further elaborated on his prediction of Bitcoin reaching $200,000 amid an uncertain macroeconomic backdrop.

According to the trader, the uncertainty will drive investors to seek refuge in the flagship crypto asset, ultimately leading to a surge in BTC to the $200,000 level.

At the time of writing, Bitcoin is trading at $85,416, showing an increase of over 2% in the past 24 hours.

Stay tuned to Benzinga for more crypto market coverage.

Read More: Is A Ben Stiller-Style Meltdown Coming For Bitcoin This Time As BTC Hovers At Key Level?

News data source: kdj.com

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