Having finally exceeded the highly anticipated $100,000 mark on May 8, according to experts, Bitcoin seemed to be in line for a rapid rally to fresh all-time highs, as per a report. Market sentiment was mostly bullish, particularly with trade tensions between the United States and China slowly easing, according to The Street.

But with the initial euphoria subsiding, Bitcoin has since constricted into a narrow trading range of $102,000 to $105,000, as per the report. Traders are closely monitoring to check when Bitcoin will break out, as per the report.

Crypto Analyst’s New Prediction

According to The Street report, pseudonymous crypto analyst Dave the Wave, who had correctly predicted the 2021 crypto market crash, has now analyzed the price chart and forecasted an unexpected course for the cryptocurrency.
On May 18, he posted a new price prediction on social platform X (previously Twitter) and pointed out that the journey to the $160,000 mark can take more time than most anticipate, as per the report.

Dave the Wave wrote that, “We all want #btc price higher here and now,” adding, “But if I were a betting man, I’d say the orange not the yellow,” as per the X post.

ALSO READ: Is AMD the new chip darling? Citadel CEO Ken Griffin trims Nvidia stake by half while accumulating shares of AMD; here’s how much he has investedAccording to the crypto analyst’s analysis, Bitcoin must go through a correction to $90,000 at the beginning of June, reported The Street. As per the analysis, Bitcoin’s price would again be close to the $105,000 level by the end of June before again falling to the $100,000 level around the start of July, The Street reported.

Bitcoin to Climb to $160,000 by September

Dave the Wave anticipates that after this correction, there would be no looking back for Bitcoin, because it would keep increasing and break out to $160,000 by the end of September, as per the report.

The Street calculated that Bitcoin would have to grow at a monthly compound annual growth rate (CAGR) of 9.22% to meet the crypto analyst’s target of $160,000 within 4.5 months, according to the report.

While The Street also highlighted that, “there are multiple factors such as global trade tensions, geopolitical unrest, etc., that we should pay attention to analyze the price movement of the crypto market.”

FAQs

Who is Dave the Wave?
He’s a crypto analyst on X known for accurately predicting the 2021 market crash.

What could stop Bitcoin from hitting $160,000?
External factors like geopolitical unrest and trade wars could easily disrupt the market’s momentum, as per The Street.