Bitcoin could completely reach 150,000 USD this year according to this model.

The famous analyst Dave the Wave, who accurately predicted the end of the cryptocurrency bull run at the end of 2021, has recently stated that Bitcoin could very well reach a price of 150,000 USD this year. He pointed out that Bitcoin is currently forming a sustainable bullish pattern on the weekly chart, a signal that BTC may be preparing for a strong breakout. Dave the Wave asserts that if this pattern continues to develop as forecasted, the price of Bitcoin will continue to grow strongly in the near future.

The "Cup and Handle" pattern is forming

One notable factor in Dave the Wave's analysis is the "cup and handle" pattern that is gradually forming on the price chart of Bitcoin. According to him, this pattern typically appears at the peak stage of a strong market, signaling the potential for continued bullishness. Dave the Wave shares:

"Has anyone noticed the cup and handle pattern of BTC...?"

Some people believe that it is an inverse head and shoulders pattern, a possibility that I outlined a few months ago. However, if it is indeed an inverse head and shoulders pattern, then the right shoulder would be extremely weak... And such a 'weak shoulder' makes sense at the top, when the market is in a strong bullish trend. The traditional inverse head and shoulders pattern usually appears at the bottom of the market, not at the top. Therefore, I prefer to call this the cup and handle pattern, a familiar pattern at peak stages.

Despite some debate about the interpretation of this pattern, Dave the Wave argues that the term "cup and handle" is more appropriate. He explains that this pattern typically appears at the top of the market, rather than at the bottom, and the fact that this pattern is forming in the current context further reinforces the belief that Bitcoin is preparing for a strong breakout in the near future.

At the beginning of 2023, Dave the Wave predicted that Bitcoin could reach a price of up to 160,000 USD before the end of the year. This forecast continues to attract strong attention from the investment community, especially as the cryptocurrency market is gradually stabilizing after the strong fluctuations of the past.

In a recent article, Dave the Wave also shared that the bullish trend of Bitcoin over the past two years shows a clear sustainability. He pointed out that each bullish phase of Bitcoin is supported by consolidation periods, helping to create a solid foundation for subsequent rallies. This proves that Bitcoin is currently in a long-term growth cycle, with the potential to create a new all-time high in the near future.

"The chain of consecutive bull runs is truly impressive, especially when compared to last year's parabolic increases... although it can be explained from the perspective of a maturing market, along with the subsequent consolidation phases, which have created a situation where increasingly higher prices are firmly supported by the market. Compared to previous markets, the current prices seem much more sustainable, as new highs are maintained steadily over a longer period, rather than just being short-term spikes..."

Completely different from previous cycles, as the price rises higher, it becomes more stable, a clear sign that the market is maturing.

This observation also indicates a marked change in the mindset and behavior of investors. The Bitcoin market today is becoming increasingly mature compared to previous cycles, where strong bullish trends often lasted only a short time and lacked stability.

Source: Dave the Wave/ X## The market is stabilizing and ready for growth

Currently, Bitcoin is trading around the mark of 109,000 USD, and according to Dave the Wave's assessment, this is just a foundational level for BTC to continue aiming for new highs in the near future. He believes that the cryptocurrency market is becoming increasingly mature and stable, and it is this stability that will be the deciding factor in helping Bitcoin reach the milestone of 150,000 USD or even 160,000 USD in the upcoming period.

With solid forecasts from a reputable analyst like Dave the Wave, investors and cryptocurrency market followers have every reason to expect a strong bullish trend for Bitcoin this year. However, like any financial market, short-term volatility can still occur, so investors need to be cautious and thoroughly consider before making decisions.

In the context of the increasingly developing cryptocurrency market and the more complex technical analysis models, in-depth analyses such as those of Dave the Wave will continue to be important guides for investors to make sound and intelligent decisions.

Taylor