A crypto analyst who has reached the top of the 2022 Bitcoin bull market says steep rallies are within the realm of possibility for BTC.
Pseudonymous analyst Dave the Wave tells his 147,000 followers on social media platform peaks are in sight for Bitcoin once BTC breaks the psychological price area of $100,000.
According to the top trader, Bitcoin’s four-year cycle is still intact, indicating that BTC is likely to mirror its past price action when the crypto king went parabolic after registering new cycle highs.
“Such a multi-year timeline is consistent with the previous patterns we saw in the BTC market. And while I have argued that the “four-year cycle” will likely be disrupted at some point due to a maturing, more liquid market, this coming cycle may mark a transition phase. Until the pattern is disrupted and broken, it makes sense to take it into account…
That price should continue to climb into six figures and from there a parabolic price wouldn’t be a big surprise. While this is of course not certain, it is something the trader/investor should take into account as they cover the risks for both parties.
Such a possibility would obviously entail a front-running of prices for those who expect the multi-year pattern of previous years to take its course again. The market always surprises, and this outcome would undoubtedly be a way to do that in a maturing market.”
Bitcoin’s four-year cycle is based on halving events where rewards for BTC miners are halved. The reduction in the number of new coins entering the market has historically coincided with higher price levels for BTC. The most recent halving took place in April.
Dave the Wave also shares a chart suggesting that Bitcoin is likely to reach a cycle top above $200,000 next year.
“BTC is halfway to its interim technical target, which would see it break the six-figure mark.”
At the time of writing, Bitcoin is worth $90,060.
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