Veteran Trader Dave the Wave Predicts Bitcoin (BTC) Is on the Verge of a Massive Breakout

A veteran trader who accurately predicted the May 2021 crypto collapse believes that Bitcoin (BTC) is on the verge of a massive breakout.

A veteran crypto trader who precisely predicted the May 2021 crypto market crash believes that Bitcoin (BTC) is on the verge of a massive breakout.

Pseudonymous crypto analyst Dave the Wave shared a chart with his 146,400 followers on the social media platform X, suggesting that BTC might be forming a pattern quite similar to the one seen in the last cycle right before an explosive rally.

According to the trader, if you look at his monthly chart, you will see that BTC is set to test a long-term diagonal support that could very well act as a launch pad for upward price action, similar to what happened in late 2020.

The analyst also shared a chart using his version of the logarithmic growth channel (LGC) curve, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.

The trader says that his LGC model suggests that BTC’s current market cycle is still in an uptrend.

“BTC bull markets climb a wall of worry… unless you've got the LGC model to go by.”

Lastly, the analysts say that the king crypto's one-year moving average is acting as a support level, which has historically lined up with big rallies.

“One-year BTC moving average reaching all-time highs while currently supporting price.”

At the time of writing, Bitcoin is trading for $58,168.

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