A trader known for several accurate crypto market calls says that Bitcoin (BTC<\/a>) could soar beyond $160,000 this bull cycle if its current market structure holds up.<\/p>\n Pseudonymous analyst Dave the Wave tells<\/a> his 143,000 followers on the social media platform X that based on Bitcoin\u2019s price action from 2020, the crypto king could hit $160,000 before May and continue to soar.<\/p>\n \u201cA BTC $160,000 target, should we see a continued parabolic run, is actually quite conservative on this comparison.\u201d<\/em><\/p>\n Dave the Wave uses his own version of logarithmic growth channels (LGC) to attempt to forecast market cycle tops and bottoms while filtering out short-term volatility and noise.<\/p>\n Looking at his chart, the trader suggests that Bitcoin is printing a similar price pattern as 2020 where it breaks out of an ascending channel and into a parabolic impulse upward, completing a 154% move.<\/p>\n Pseudonymous crypto trader Rekt Capital is also drawing a comparison<\/a> between Bitcoin\u2019s current cycle and 2020 as BTC heads into the April halving event when miners\u2019 rewards are cut in half. He suggests that Bitcoin could consolidate in the high $60,000 range as it enters the halving and later breakout similar to the 2020-2021 cycle.<\/p>\n \u201cThis current cycle has been a story of re-accumulation ranges (green-red). And one interesting possibility for price going into the halving is further consolidation at highs (i.e. re-accumulation). This turn of technical events would be historically accurate. It would satisfy the fact that a pre-halving retrace occurs 28-14 days before the halving. And it would satisfy the fact that pre-halving retraces transition into post-halving re-accumulation. <\/em><\/p>\n If Bitcoin manages to turn the old all-time high of ~$69,000 into new support then this \u2018re-accumulation range\u2019 idea would be invalidated because price would be ready for price expansion into price discovery. If however, Bitcoin isn\u2019t able to turn ~$69,000 into support before the halving this re-accumulation range could become a reality and would be in line with historical price tendencies around the halving.\u201d<\/em><\/p>\n Bitcoin is trading for $69,847 at time of writing, down slightly in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A trader known for several accurate crypto market calls says that Bitcoin (BTC) could soar beyond $160,000 this bull cycle if its current market structure holds up. Pseudonymous analyst Dave the Wave tells his 143,000 followers on the social media platform X that based on Bitcoin\u2019s price action from 2020, the crypto king could hit […]<\/p>\n","protected":false},"author":2,"featured_media":126196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-272247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=272247"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272247\/revisions"}],"predecessor-version":[{"id":272256,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272247\/revisions\/272256"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/126196"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=272247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=272247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=272247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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