‘Shakeout Before Breakout’ – Trader That Called May 2021 Collapse Says Bitcoin Seeing Classic Impulse Move Up

A crypto analyst known for calling the 2021 crypto market collapse says that Bitcoin (BTC) is showing signs that its about to rally for another leg up.

Pseudonymous crypto trader Dave The Wave tells his 153,000 followers on X that the top crypto asset by market cap is showing “classic” signs of an upwards impulse.

According to the analyst’s chart, the flagshi digital asset is following a traditional 5-wave pattern based on Elliot Wave Theory. The theory asserts that upward price swings occur in five waves, with the fourth wave acting as a corrective move while the fifth and final wave takes the impulse to its high.

Dave the Wave’s analysis suggests that BTC will find its local top near the end of 2025 or early 2026.

Source: Dave The Wave/X

The analyst goes on to note that it appears as if the crypto king has found support around the $107,000 level, and is back on track after faltering last week. He calls the move a potential “shakeout before the breakout.”

“BTC technical support coming through…”

Source: Dave The Wave/X

Last week, the analyst predicted that Bitcoin would surge to a price tag of $180,000 by the end of the year, saying its dip was small compared to what it experienced during the last few legs of this bull run, leading him to believe it will continue to skyrocket.

“Perspective people. This BTC bull run has seen two 30% corrections. This 8% is not much to write home about.”

Bitcoin is trading for $108,817 at time of writing, a marginal increase during the last 24 hours.

Generated Image: DALLE3

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