A prominent analyst suggested that Bitcoin may not hit the $ 100,000 mark in December, even though it has grown rapidly in recent weeks.

Industry insider known as Dave the Wave told his 80,000 followers that Bitcoin has risen in an ascending parallel channel since it rose from lows of $ 30,000 in July.

“A good prospect.

If the price within the channel continues to rise at this rate, it cannot reach $ 100,000 in December either. “

The source: Dave the Wave / Twitter

However, Dave the Wave made it clear that traders shouldn’t confuse his analysis with the firm prediction that Bitcoin won’t rise to $ 100,000 by the end of the year.

“Yes, some people might misunderstand the meaning of this post by saying that Bitcoin is definitely not going to hit $ 100,000 in December. It doesn’t say that at all. It says,” IF the price inside the channel goes up at this rate, it will he won’t reach $ 100,000 by December. “This hypothesis is not testable.”

In January 2020, Dave the Wave made a bet with crypto analyst PlanB on the potential value of BTC in December 2021.

PlanB, the creator of Bitcoin’s Stock-to-Flow (S2F) model, predicts that the top of the market cycle will be at $ 288,000. The two analysts agreed that $ 100,000 in December 2021 would break Dave the Wave’s pattern.

pic.twitter.com/cIwGWMLmxO

– davthewave (@davthewave) 15th July 2020

Dave the Wave also hinted that Bitcoin could potentially make a double high and hit a second high at $ 65,000 before falling again. According to him, Bitcoin is showing a bearish divergence in the daily timeframe, suggesting that a correction could be imminent.

“The channel’s resistance line coincides with the previous ATH (all-time high).”

The source: Dave the Wave / Twitter

You can see the Bitcoin price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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