An analyst who nailed the end of the 2021 crypto bull market believes Bitcoin’s (BTC) rally above $150,000 this year is viable.
Pseudonymous analyst Dave the Wave tells his 153,500 followers on the social media platform X that Bitcoin is flashing a bullish continuation pattern on the weekly chart, suggesting that a breakout surge is in sight for BTC.
“BTC cup and handle anyone….?
Some calling it an inverse head and shoulders [pattern], which is a possibility I sketched months ago. But if so, a veeeery weak right shoulder… And a weaker ‘shoulder’ makes sense at the top where the market is more bullish. A conventional inverse head and shoulders is usually to be found at the bottom of a market, not at the top. This is why I prefer to call it a cup and handle, a pattern often found at the top.”
Earlier this year, the analyst predicted that Bitcoin would hit $160,000 before the end of the year. In a recent article snippet, Dave the Wave says that Bitcoin’s two-year uptrend appears sustainable, with each rally underpinned by consolidation phases that lay the groundwork for the next move higher. According to the analyst, Bitcoin now has the foundation for rallies to new all-time high prices.
“The remarkable series of the moves up in price [only remarkable as compared to the parabolic moves of yester-year… while explicable in terms of a maturing market] and the subsequent consolidations has led to a situation that ever-higher prices are supported by the market. Price look to be more sustainable over an extended period of time at these elevated levels as compared to earlier markets where the making of all-time highs consisted in temporary spikes…
In contrast to previous cycles, the higher the price has gone, the more stable it has become, suggestive of a maturing market.”
At time of writing, Bitcoin is trading for $108,805.
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