The renowned analyst Dave the Wave, who accurately predicted the end of the cryptocurrency bull market at the end of 2021, recently stated that Bitcoin could very well reach a price of $150,000 this year. He pointed out that Bitcoin is currently forming a sustainable bullish pattern on the weekly chart, a signal that BTC may be preparing for a strong breakout. Dave the Wave asserts that if this pattern continues to develop as predicted, the price of Bitcoin will continue to grow significantly in the near future.
The “Cup and Handle” pattern is forming
A notable factor in Dave the Wave's analysis is that the “cup and handle” pattern is gradually forming on Bitcoin's price chart. This pattern, according to him, often appears at the peak stage of a strong market, signaling the potential for continued price increases. Dave the Wave shares:
“Has anyone noticed the cup and handle pattern of BTC…?
Some people argue that it is an inverse head and shoulders pattern, a possibility that I outlined a few months ago. However, if it is truly an inverse head and shoulders pattern, then the right shoulder would be extremely weak… And such a ‘weak shoulder’ makes sense at the peak when the market is experiencing strong growth. Traditional inverse head and shoulders patterns typically appear at market bottoms, not at the top. Therefore, I prefer to call this a cup and handle pattern, a familiar pattern at peak stages.
Although there is some debate over how to interpret this pattern, Dave the Wave believes that the term “cup and handle” is more appropriate. He explains that this pattern often appears at the top of the market, not at the bottom, and that the formation of this pattern in the current context reinforces the belief that Bitcoin is preparing for a strong breakout in the near future.
At the beginning of 2023, Dave the Wave predicted that Bitcoin could reach a price of up to $160,000 before the end of the year. This forecast continues to attract strong attention from the investment community, especially as the cryptocurrency market is gradually stabilizing after previous strong fluctuations.
In a recent article, Dave the Wave also shared that Bitcoin's upward trend over the past two years shows clear sustainability. He pointed out that each price increase of Bitcoin is supported by consolidation phases, helping to create a solid foundation for subsequent rises. This proves that Bitcoin is currently in a long-term growth cycle, with the potential to create new all-time highs in the not-too-distant future.
“This series of consecutive price increases is truly impressive, especially when compared to the parabolic rises of last year… although it can be explained through the lens of a mature market, alongside subsequent consolidation phases, has created a situation where increasingly higher prices are firmly supported by the market. Compared to previous markets, the current price seems much more sustainable, as new high prices have been maintained consistently over a long period, rather than just being short-term spikes…
Completely different from previous cycles, the higher the price goes, the more stable it becomes, a clear sign that the market is gradually maturing.
This observation also indicates a marked change in the mindset and behavior of investors. The Bitcoin market today is becoming increasingly mature compared to previous cycles, as strong price increases often only last for a short time and lack stability.
The market is stabilizing and ready for growth
Currently, Bitcoin is trading around $109,000, and according to Dave the Wave's assessment, this is just a foundation for BTC to continue towards new highs in the near future. He believes that the cryptocurrency market is becoming increasingly mature and stable, and this stability will be a decisive factor in helping Bitcoin reach $150,000 or even $160,000 in the near future.
With solid forecasts from a reputable analyst like Dave the Wave, investors and followers of the cryptocurrency market have every reason to expect a strong bullish rally for Bitcoin this year. However, like any financial market, short-term fluctuations may still occur, so investors need to be cautious and thoroughly consider their decisions.
In the context of the rapidly evolving cryptocurrency market and increasingly complex technical analysis models, profound analyses like those of Dave the Wave will continue to be important guides helping investors make sound and intelligent decisions.