A closely followed crypto analyst says that Bitcoin (BTC) is setting up for a potential price explosion before Christmas amid a favorable technical setup.
The pseudonymous trader known as Dave the Wave tells his 147,000 followers on the social media platform X that BTC is in an ascending channel with an upward target of about $112,000 that could be hit around December 25th.
“A pre-Xmas day BTC rally.”
Zooming out on the weekly chart, Dave the Wave suggests that BTC is also trading within a longer-term ascending channel similar to the 2021 bull market.
The trader’s channel suggests that Bitcoin could be headed somewhere between the $180,000 and $220,000 range sometime in the first half of 2025.
Dave the Wave is also bullish on altcoins, noting that Bitcoin dominance (BTC.D), which measures how much of the digital asset market belongs to BTC, appears ready to break down, implying a jump in altcoins.
The trader’s chart suggests that BTC.D has fallen out of a bearish ascending wedge while also hitting a diagonal resistance level at around the 57% level.
“BTC dom. Quarter of the way there?”
According to the trader, Bitcoin moves in four-year cycles and, if BTC were to mirror past price action, a parabolic move remains on the horizon.
“One positive if the BTC price does correct is that it has, as yet, not gone parabolic, remaining in a technical upward channel.”
At time of writing, BTC is trading at $100,102.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: Bitcoin Setting Up for Potential Pre-Christmas Explosion, According to Trader That Called
