Crypto Trader Says 2021-Style Bitcoin Bull Market Peak Unlikely, Unveils Upside Target for BTC in Two Months

Bitcoin Crypto

Crypto Trader Says 2021-Style Bitcoin Bull Market Peak Unlikely, Unveils Upside Target for BTC in Two Months

A trader with a history of making accurate predictions in the crypto space believes Bitcoins (BTC) multi-year uptrend is built on solid ground.

Pseudonymous analyst Dave the Wave tells his 153,800 followers on the social media platform X that a repeat of BTCs 2021 double-top pattern is doubtful.

About four years ago, Bitcoin abruptly ended its bull market after failing to take out its resistance at $69,000 twice.

Dave the Wave notes in his chart that a parabolic move preceded BTCs 2021 market peak. The steep ascent left Bitcoin exposed as panic selling and massive liquidation events drove BTC from a high of $69,000 to around $16,000.

On the contrary, the trader says that Bitcoins rise since 2023 has been sustainable as BTC printed higher highs and higher lows over time.

He notes that a 2021-style collapse is “unlikely” at this point.

Source: Dave the Wave/X

In his bullish Bitcoin outlook, Dave the Wave thinks that it is within the realm of possibility for BTC to soar to his massive upside target in just a couple of months.

Source: Dave the Wave/X

For now, Dave the Wave says that Bitcoin needs to breach its last resistance zone to potentially trigger a parabolic rally toward his target.

At time of writing, Bitcoin is trading for $109,628.