Should We Expect a Strong Bitcoin (BTC) Performance in Q4?

A seasoned trader known for accurately forecasting the May 2021 crypto downturn believes Bitcoin (BTC) is poised for a strong finish to the year.

The trader, who goes by Dave the Wave, has shared an analysis, indicating that Bitcoin is currently trading between $54,000 and $74,000.

#btc setting up for 4th quarter fireworks…😎 pic.twitter.com/DyRZf3bpwg

— dave the wave🌊🌓 (@davthewave) August 2, 2024

His chart suggests that by year-end, Bitcoin could test a long-term diagonal support line, potentially setting the stage for significant upward movement into 2025.

Dave the Wave remarked that Bitcoin’s price has been moving within a relatively stable range for several months, and while it may seem like a familiar level, it’s still quite high compared to historical norms.

This stability has prevented extreme volatility, with the market balancing buying and selling pressures without major spikes or crashes.

He noted that Bitcoin’s recent dip into the $50,000 range might actually be advantageous. According to his forecast, this correction could position Bitcoin for a substantial increase, potentially reaching $220,000 by the end of 2025.

In summary, Dave the Wave sees the current market correction as a temporary setback with the potential for long-term gains, suggesting that short-term struggles could lead to significant future gains.