Analyst With Remarkable Track Record Says Bitcoin Facing One Last Test Ahead of Rise to $120,000

The pseudonymous crypto trader who accurately predicted Bitcoin’s collapse in 2019 says BTC is due for one more test before launching a mega bull rally.

In a new tweet, the analyst who is known in the industry as Dave the Wave says it is within the realm of possibility for Bitcoin to continue consolidating for the rest of the year.

“What if the major line of resistance first identified became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward…”

Source: Dave the Wave/Twitter

Based on the crypto analyst’s chart, Bitcoin may continue hovering above the former resistance of the ascending triangle that ended the 2017 BTC bull run and kept the market bearish for over two years. Dave’s chart also shows that the previous resistance and the logarithmic growth curve will touch base on December 31st, 2020. According to Dave, the meeting of two support lines can ignite a bull market that catapults Bitcoin to $120,000.

Should Bitcoin follow Dave’s script, he says the consolidation should give investors a chance to accumulate BTC in the buy zone for several months before it launches a manic phase.