Bitcoin’s Bullish Potential: Analyst Predicts Market Recovery Pattern

Crypto analyst Dave the Wave suggests that Bitcoin is forming a bullish inverse head-and-shoulders pattern, indicating the potential end of its price correction. He predicts a rally to approximately $89,000, with support at $77,000 before reaching a new all-time high above $110,000, while maintaining that Bitcoin’s long-term uptrend remains intact despite bearish sentiment.

A crypto analyst renowned for predicting the Bitcoin crash in 2021, believes that Bitcoin is establishing a stable base for its next bull market phase. This assertion comes from pseudonymous strategist Dave the Wave, who stated that Bitcoin is forming an inverse head-and-shoulders pattern on the daily chart, indicating a bullish reversal.

The inverse head-and-shoulders pattern suggests that buyers are reinstating their confidence and are unlikely to wait for the price to revisit its lows before acquiring Bitcoin. Dave the Wave estimates that Bitcoin could rise to nearly $89,000 before retracing to a support level of $77,000, subsequently reaching a new all-time high above $110,000.

He pointed out that overcoming initial resistance would solidify the neckline of the potential reverse head-and-shoulders pattern, signalling a robust basing pattern ahead. Despite recent bearish market sentiment regarding Bitcoin, he asserts that its long-term uptrend remains intact, and the price correction appears to be nearing its end.

Dave the Wave remarks on the dichotomy between objective observers, who see a consistent pattern of moves and corrections, and market-watchers who are experiencing panic. This tension is attributed to collective sentiment and the psychological concept of ‘money illusion.’ Currently, Bitcoin’s price is noted at $83,500.