A closely-watched analyst says Bitcoin (BTC) could soon hit $100,000 if a certain scenario materializes.

In 2019, the analyst, nicknamed Dave the Wave, offered his 93,000 Twitter followers a potential swap to $100,000 in BTC.

“Let’s say BTC hits $100,000 in the next few years.

It’s over 30% now, but only 10% of the time.

In that scenario, a proper correction would make a lot of sense.”

BTC/USDT weekly chart | The source: Dave the Wave/Twitter

After two and a half years, the analyst updated the chart above with today’s prices and it looks like BTC is moving as planned.

“Updated. Great!”.

BTC/USDT weekly chart | Source: Dave the Wave/Twitter

The analyst noted that the cyclical curve towards $100,000 should not be interpreted as support, but as an average price line for BTC to move along. It suggests Bitcoin could hit six figures by the end of this year or early 2023.

Dave the Wave also noted that while the monthly chart is still looking bearish, there are some bullish signals on Bitcoin’s weekly chart. According to the analyst, the MACD, a trend-setting indicator, is finally showing signs of strength.

“A sign of life on the weekly MACD. However, the same has not yet been seen on the monthly chart.”

BTC/USDT weekly chart | The source: Dave the Wave/Twitter

Zooming in a bit more, the analyst said that BTC appears to have broken out of a descending parallel channel that has been in place since all-time highs.

“BTC is showing strength here. Still, we need to keep monitoring the next few days to see if the trend has changed.”

BTC/USDT daily chart | The source: Dave the Wave/Twitter

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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