Bitcoin price will hit $25,000 by the start of 2021, according to one prominent crypto trader. Technical analyst Dave the Wave predicted back in June that bitcoin was primed for a drop to $6,800. This came to pass in November as bitcoin plunged to that exact level.
Now, with his recent analysis, Dave the Wave expects more downsides before resuming a strong bull trend. If bitcoin continues to track as he predicts, BTC should be priced at $25k by the beginning of 2021.
Dave The Wave: Bitcoin To Cross $25,000 By 2021
It’s not news to say that the past few months have been turbulent for bitcoin and the crypto market in general. The top crypto has retraced by almost 50 percent from its June $13,880 high. In late-October, BTC was on the verge of pushing past $10,000 spurred by China FOMO but despite high hopes for more price increases, bitcoin collapsed below $8,000. The asset started this month trading at around $7,300 with occasional rises to $7,500 and falls to $7,100.
Dave the Wave uses the Elliot Wave analysis to predict the price of bitcoin in the near-term and also in the long-term. In his most recent tweet, the extrapolation of Dave Waves from bitcoin’s chart predicts bitcoin to fall to the $6,000 level in February 2020.
The Elliot Waves then suggest that bitcoin will sneak past $25,000 by the beginning of 2021. Bitcoin is currently exchanging hands at $7,304.72, reaching $25k would mark a move of over 230%.
It Might Get Worse Before It Gets Better
The ongoing bearish price action doesn’t seem to be ending soon and with the Bollinger bands getting tighter, a significant big move is imminent.
Moreover, Dave the Wave is not the only analyst who believes bitcoin will see more downward correction in the immediate short-term before it makes a big upward move. For cryptocurrency trader Cantering Clark, bitcoin has not yet entered an accumulation phase which implies that there will be a further slide before we can see a decent recovery.
That said, Galaxy Digital CEO Mike Novogratz remains optimistic about bitcoin in the long-term and just like Dave the Wave, he also believes bitcoin will cross the $20,000 mark by early 2021. In October, Novogratz appeared on CNN’s First Move segment hosted by Julia Chatterley. During the interview, the billionaire investor and former hedge fund manager asserted that bitcoin will be valued at $20,000 within 18 months.
Suffice it to say, crypto experts appear to be of the same mind regarding where bitcoin is headed next: bitcoin could experience more hiccups in the near-term but the long-term outlook remains bullish.