Analyst Predicts Short-Term Dip Before Bitcoin Targets $160K

A well-followed crypto market analyst known for accurate Bitcoin forecasts suggests the top cryptocurrency may be gearing up for a temporary pullback before setting the stage for a major rally.

According to the pseudonymous chartist Dave the Wave, Bitcoin could slide toward the $96,000 zone—just above a key Fibonacci support level—before resuming its long-term uptrend. While the prediction may unsettle ultra-bullish investors, he argues that such a retracement would provide a healthy setup for a move toward $160,000.

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Technical indicators are aligning with this outlook. On the weekly chart, Bitcoin’s MACD (Moving Average Convergence Divergence) remains in bullish territory, hinting that any downside could be limited and part of a broader trend continuation. A daily chart also suggests BTC is mirroring past 2024 behavior, consolidating within a range before breaking higher.

At the time of writing, Bitcoin is trading around $104,755, down 1.1% over the last 24 hours. Despite the slight dip, the analyst sees this as a potential setup for the next leg up—if historical patterns hold.