A closely watched cryptocurrency analyst says Bitcoin (BTC) could explode in price before Christmas amid a favorable technical environment.
A pseudonymous trader known as Dave the Wave told his 147,000 followers on social media platform he said.
“BTC rises before Christmas.”
Zooming out on the weekly chart, Dave the Wave suggests that BTC is also trading within a long-term uptrend channel similar to the 2021 bull market.
This trader’s channel suggests that Bitcoin could head towards the $180,000 to $220,000 range in the first half of 2025.
Dave the Wave is also bullish on altcoins, noting that Bitcoin Dominance (BTC.D), which measures how much of the digital asset market belongs to BTC, appears ready to collapse. This suggests that altcoins will rise in price.
Trader charts suggest that BTC.D is breaking out of a bearish rising wedge while also reaching diagonal resistance levels around the 57% level.
“BTC Dome. Is it about a quarter of the size?”
According to the trader, Bitcoin fluctuates on a four-year cycle, and if BTC reflects past price movements, a parabolic move is still on the horizon.
“One positive thing about the BTC price correction is that BTC price has not gone parabolic yet and remains in a technical uptrend channel.”
At the time of this writing, BTC is trading at $100,102.
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