A veteran trader known for nailing Bitcoin’s 2021 top says BTC is close to printing a new all-time high.
The pseudonymous trader Dave the Wave tells his 151,800 followers on X that despite weeks of meandering, Bitcoin remains in an uptrend as the flagship crypto asset repeatedly attempts to break through a key resistance level around $115,000.
The analyst posted a chart showing Bitcoin has reclaimed key Fibonacci retracement levels as support, suggesting a new record high will happen next month.
Fibonacci retracement levels are used in technical analysis for determining an asset’s support and resistance levels.
“BTC price setting up nice. Could be pushing all-time highs next month, and yet it’s all been Chicken Little stuff on CT (Crypto Twitter).
The analyst predicts that Bitcoin will breakout to nearly $129,000.
“BTC shorter-term target [$128,958].”
Bitcoin is trading for $112,484 at time of writing, down 1.7% in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) may be printing a similar 2020 bullish pattern and could soon have a massive breakout.
“Alt charts looking volatile. Wouldn’t want to miss the opportunity.”
Looking at his chart, the trader suggests that ETH could hit $12,000 by the end of the year.
ETH is trading for $3,989 at time of writing, down 3% on the day.
Lastly, the anayst suggests that ETH rival Cardano (ADA) may have an explosive move to about $2.90 in the coming months.
“If you liked that one, you’ll love this. Volatility is opportunity people.”
ADA is trading for $0.64 at time of writing, down 3.3% on the day.
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