Should We Expect a Strong Bitcoin (BTC) Performance in Q4?

A seasoned trader known for accurately forecasting the May 2021 crypto downturn believes Bitcoin (BTC) is poised for a strong finish to the year.

The trader, who goes by Dave the Wave, has shared an analysis, indicating that Bitcoin is currently trading between $54,000 and $74,000.

#btc setting up for 4th quarter fireworks…😎 pic.twitter.com/DyRZf3bpwg

— dave the wave🌊🌓 (@davthewave) August 2, 2024

His chart suggests that by year-end, Bitcoin could test a long-term diagonal support line, potentially setting the stage for significant upward movement into 2025.

Dave the Wave remarked that Bitcoin’s price has been moving within a relatively stable range for several months, and while it may seem like a familiar level, it’s still quite high compared to historical norms.

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This stability has prevented extreme volatility, with the market balancing buying and selling pressures without major spikes or crashes.

He noted that Bitcoin’s recent dip into the $50,000 range might actually be advantageous. According to his forecast, this correction could position Bitcoin for a substantial increase, potentially reaching $220,000 by the end of 2025.

In summary, Dave the Wave sees the current market correction as a temporary setback with the potential for long-term gains, suggesting that short-term struggles could lead to significant future gains.

Alexander Stefanov