Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst

A prominent cryptocurrency market analyst known for accurately predicting Bitcoin's BTC/USD previous market movements shared an optimistic projection for the leading cryptocurrency's future value.

What Happened: In a post on X on Friday, crypto analyst Dave the Wave said that Bitcoin could initially surge to the $50,000 mark before settling back to a support level of around $35,000.

According to Dave the Wave's analysis, Bitcoin could ignite a monumental rally that could see its value to an estimated $180,000 by April 2025, representing a staggering 424% increase from its present price.

A #btc possible scenario... pic.twitter.com/l0VbCESmMK

— dave the wave (@davthewave) November 3, 2023

He also suggested that a more minor increase could occur in the lead-up to Bitcoin's next halving event in 2024, potentially pushing the cryptocurrency's price beyond its all-time high.

Also Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'

Supporting his bullish stance, the analyst pointed to the monthly moving average convergence divergence (MACD), a tool used to identify market trends, which he believes has entered a definitive bullish phase.

At the time of writing, Bitcoin was trading at $34,743.83, up by about two percent in the last seven days. 

Earlier in October, the analyst said that the Ethereum-Bitcoin pair could be nearing the end of a significant wedge pattern. This could hint at a potential upward breakout early next year.

He added that he foresees Bitcoin continuing to outpace traditional assets, like stock indices, for approximately another decade.

Now Read: Crypto Expert Warns Of $440 Billion Wipeout, Shares Concerning Prediction About Bitcoin

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