Trader Who Called 2021 Collapse Doubles Down on Massive Year-End Bitcoin Price Target Despite Deep BTC Drawdown

A crypto strategist who nailed Bitcoin’s 2021 market meltdown believes BTC is still on track to spark rallies en route to new all-time highs this year.

Pseudonymous analyst Dave the Wave tells his 149,200 followers on the social media platform X that Bitcoin looks poised to repeat its Q4 2023 to Q1 2024 rally when it surged by nearly 180% in just a few months.

The analyst shares a chart suggesting that Bitcoin can hit his price target by November of this year.

“A BTC repeat would see $200,000 at the end of the year.”

Source: Dave the Wave/X

The trader says he’s aware that he’s making the bullish Bitcoin prediction despite an uncertain macroeconomic backdrop. Dave the Wave says the uncertainty will drive investors to seek refuge in BTC.

“Some comments [were] concerned about the macro environment.

This was addressed in a recent article, where though BTC is going to be caught up in liquidity events that affect asset prices, it is also more than an asset. It is also a currency, a form of liquidity, digital gold, that capital will run to in a time of uncertainty.”

The analyst also says that BTC looks weak right now because investors had such high hopes for Bitcoin when it breached the $100,000 level.

“Why the huge BTC panic?

Because the previous expectation was too great.”

Dave the Wave also says that he will remain bullish on Bitcoin as long as BTC trades above a crucial support level.

“That level is S74,000. Wouldn’t want to see the price below that.”

At time of writing, Bitcoin is trading for $76,501, down over 4% on the day.

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