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Prominent crypto analyst Dave the Wave has provided a bullish narrative for Bitcoin despite the flagship crypto’s recent setback. As part of his analysis, he suggested how high Bitcoin could rise in the short and long term.
Bitcoin To Rise To As High As $300,000
Dave the Wave suggested in an X (formerly Twitter) post that Bitcoin could rise to as high as $300,000 based on his logarithmic growth channel (LGC) indicator. Based on the chart he shared, BTC’s rally to this unprecedented price level is expected to happen sometime in 2025.
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Meanwhile, in the short term, Dave the Wave expects Bitcoin to rise above $100,000 later this year. He highlighted an ascending diagonal line, which Bitcoin has continued to hold as support even following its recent decline below $67,000. As such, the analyst believes that the flagship crypto will remain in a multi-month upward trend as far as it holds above the line.
Crypto analyst Rekt Capital also suggested that there was no need to worry about Bitcoin’s pullback, stating that this current pullback would not last forever. In fact, he remarked that everything was going according to plan, as the Bitcoin pullback was long overdue based on “historical tendencies.”
The analyst expects Bitcoin to continue consolidating in this Re-Accumulation range for a while. Rekt Capital predicts that the breakout into the ‘Parabolic Uptrend’ phase will likely come in September this year if history repeats itself. This aligns with Dave the Wave’s prediction that Bitcoin will rise above $100,000 later this year.
Rekt Capital also warned Bitcoin investors about being shaken out of their positions. He stated that Bitcoin will soon be transitioning into “increasingly fearful territory” as its price drops to as low as $60,000. He added that this “fear tends to precede the point of maximum financial opportunity.” In another X post, he remarked that Bitcoin will retrace deep enough to convince anyone that the bull run is over, and then the flagship crypto will resume its uptrend.
BTC Still On Course
Crypto analyst Mikybull Crypto also shared a sentiment similar to Rekt Capital’s. He stated that BTC is still in the range and advised investors not to get shaken out. The analyst had earlier called for patience while BTC consolidates in this range. He highlighted a wedge that he claimed would send Bitcoin’s price to an initial target of $85,000 when a breakout occurs.
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Crypto analyst Jelle also suggested that this is the time for Bitcoin investors to do nothing and just sit on their hands. The analyst reshared his profit-taking strategy, which showed that Bitcoin investors should only look to take profits when the flagship crypto climbs to $80,000.
Featured image created with Dall.E, chart from Tradingview.com
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