Renowned cryptocurrency analyst Dave the Wave has made a bold prediction: Bitcoin (BTC) is poised for a significant price surge in the weeks leading up to Christmas. Based on his analysis, Dave the Wave observed that BTC is currently trading within an ascending channel. This pattern, he believes, could propel BTC to a price of around $112,000 by December 25th, marking a potential "pre-Christmas rally."
Long-Term Outlook: $180,000 - $220,000 in 2025
Zooming out, the analyst drew parallels between Bitcoin's current market behavior and its performance during the 2021 bull run. He identified a long-term ascending channel that suggests BTC could reach a price range of $180,000 to $220,000 in the first half of 2025.
Altcoin Season on the Horizon?
Dave the Wave also expressed optimism for the altcoin market. He noted that Bitcoin's dominance in the cryptocurrency market (BTC.D) appears to be waning. BTC.D has broken down from a bearish ascending wedge and is currently facing resistance near the 57% mark. This weakening dominance, according to the analyst, could create room for significant altcoin growth.
Four-Year Cycle and Potential Parabolic Surge
The analyst attributed Bitcoin's gradual upward trajectory to its adherence to four-year cycles. While acknowledging the steady climb within the technical channel, Dave the Wave hinted at a potential parabolic surge that could still materialize.
December 2024, Cryptoniteuae