Bitcoin Breakout? Veteran Trader Dave the Wave Thinks So
A veteran crypto trader known as Dave the Wave believes Bitcoin (BTC) is primed for a big move up. Dave the Wave, who accurately predicted the May 2021 crypto market crash, has shared a chart with his 146,400 followers on X, the platform formerly known as Twitter, suggesting that Bitcoin may be forming a similar pattern to the one that preceded its explosive rally in late 2020.
Dave the Wave’s monthly chart indicates that Bitcoin could test a long-term diagonal support line, which could act as a launchpad for a significant upward price movement. He also uses his Logarithmic Growth Channel (LGC) model to identify potential cycle highs and lows. According to Dave the Wave, his LGC model suggests that Bitcoin’s current market cycle remains in an uptrend.
Dave the Wave highlights the fact that Bitcoin’s one-year moving average is currently acting as a support level. He notes that historically, this has often coincided with significant rallies.
At the time of writing, Bitcoin is trading at $58,168. While Dave the Wave’s analysis is intriguing, it’s important to remember that past performance is not necessarily indicative of future results. Always do your own research before making any investment decisions.
You can follow Dave the Wave on X at [https://twitter.com/davthewave](https://twitter.com/davthewave) .
