A popular trader, known as Dave the Wave, who accurately predicted Bitcoin's crash in May 2021, has set a technical target for the top cryptocurrency to achieve in order to position itself for a massive rally in late 2024.
Dave the Wave shared a chart with his 142,600 followers on X, a social media platform, indicating that Bitcoin could surge to the $70,000 level around mid-September of 2024. This projection is based on the upcoming halving event, scheduled for April 18th, 2024.
If Bitcoin reaches the $70,000 level by September 2024, Dave the Wave's chart suggests that it could experience a similar rally to the one witnessed in 2017. During that period, Bitcoin skyrocketed from around $1,400 in May to nearly $20,000 in December.
Dave the Wave points out that this target aligns with Bitcoin's principle of diminishing returns. He also shares another chart indicating that BTC could surge to the $180,000 range by April 2025, representing a more than 400% increase from its current price point.
As of now, Bitcoin is trading at $35,375, showing a 26% increase in the past 30 days.
Based on Dave the Wave's analysis, Bitcoin has the potential to reach the $70,000 level by September 2024, setting the stage for a significant rally. Investors should consider these projections and conduct their own research before making any investment decisions.
