A closely followed trader known for calling the top of the market cycle in 2021, says that a considerable gathering to a much higher price is technically conservative for Bitcoin (BTC).
The pseudonym trader known as Dave the Wave tells 153,000 X followers that he is looking at a “conservative” Bitcoin price target of over $150,000.
Analysts say BTC is currently moving upwards within the large upward channel, suggesting that it could meet its price target by November this year.
Dave says waves,
“BTC conservative technical target $170,000.
(BTC) can be high in markets that overheat with man disease. ”
Source: Dave the Wave/x
Traders are also bullish on altcoins and have recently been focusing on new weaknesses in the Bitcoin Domination (BTC.D) chart. Bitcoin dominance tracks how much of the crypto market belongs to BTC, and is often used as a gauge of Altcoin strength.
Dave the Wave says it looks like it’s topped with Btc.D. He targets nearly an area of 42.5% of BTC.D.
The downward trend BTC.D chart suggests that Altcoins are gaining value faster than Bitcoin.
“btc dom. I’ll take your position, women, gentlemen…”
Source: Dave the Wave/x
At the time of writing, Bitcoin was trading at $117,785 last year, over 101%, while BTC.D is hovering at 59.50%.
