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Crypto Strategist Pinpoints Moment Bitcoin Could Begin Breakout to $100,000 – Here’s How Long Traders May Have to Wait

September 21, 2020

The pseudonymous crypto strategist who accurately forecasted Bitcoin’s collapse from $11,600 to $6,400 in 2019 is marking the moment when he believes BTC will break out and begin its ascent to $100,000.

Trader Dave the Wave tells his 37,000 Twitter followers that Bitcoin is slowly grinding up in an effort to take out its all-time high around $20,000.

“And the standard use of a technical pattern, known as the breakout of an ascending triangle, gives a target of 100K.”

Based on Dave’s chart, crypto enthusiasts would have to wait until the end of 2021 before Bitcoin catches fire and erupts. The trader predicts that Bitcoin will skyrocket to $100,000 before 2023 comes to a close. The crypto analyst also highlights that the slow climb will set the stage for a massive BTC explosion.

The head of steam, so to speak, that's required to be built up before the market goes into full-blown manic mode. It's all about the dynamic/ momentum of the market, not some set of abstract numbers. pic.twitter.com/HuSMGRUezT

However, Dave acknowledges that just like any other prediction, his analysis can be wrong and BTC can surge to $100,000 ahead of 2023. The trader shares a conversation that he had with PlanB, the first analyst to apply the controversial stock-to-flow model to Bitcoin. In the thread, PlanB asked whether Dave’s model would be proven incorrect should Bitcoin climb above $100,000 before December 2021.

Says Dave,

“It would certainly be in extremis. The log growth curve could accommodate a brief spike to that price but price carrying on higher would invalidate/falsify the curve.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.