Veteran trader Dave the Wave is predicting gold will soon hit a massive price target as the precious metal’s bull run continues.
The pseudonymous trader tells his 152,100 followers on X that gold will likely hit $4,000 in the near term as he predicts a $7,000 price target in the coming years.
The trader shares a monthly gold chart suggesting that the precious metal is in the midst of a steep uptrend.
“Gold/USD closing in on shorter-term target.”
At time of writing, gold is trading for $3,856 per ounce.
Next up, the analyst says that Bitcoin (BTC) may be gearing up for an explosive breakout after entering a consolidation phase.
“People easily forget that BTC did a massive 64% move recently, from $74,000 to $123,000. TA (technical analysis) fixes this. This sideward ranging nearing the length of that move.”
Dave the Wave also says that Bitcoin continues to trade within what he refers to as “logarithmic growth curves,” which aim to pinpoint the macro highs and lows of BTC market cycles while filtering for shorter-term volatility.
“BTC effectively tracking the one year moving average and consistent with the logarithmic growth curve – explosive gains early on then increasingly plateauing. Maturing market. The LGC same curves since 2018 and where price couldn’t currently be better placed.”
Looking at his chart, the trader suggests that Bitcoin could potentially hit $400,000 around 2028.
Bitcoin is trading for $114,733 at time of writing, up marginally on the day.