Bitcoin's Potential Rally to $70,000 by September 2024: Analysis by Dave the Wave

Introduction

A popular trader, known as Dave the Wave, who accurately predicted Bitcoin's crash in May 2021, has set a technical target for the top cryptocurrency to achieve in order to position itself for a massive rally in late 2024.

The Target

Dave the Wave shared a chart with his 142,600 followers on X, a social media platform, indicating that Bitcoin could surge to the $70,000 level around mid-September of 2024. This projection is based on the upcoming halving event, scheduled for April 18th, 2024.

Potential Rally

If Bitcoin reaches the $70,000 level by September 2024, Dave the Wave's chart suggests that it could experience a similar rally to the one witnessed in 2017. During that period, Bitcoin skyrocketed from around $1,400 in May to nearly $20,000 in December.

Consistency with Diminishing Returns

Dave the Wave points out that this target aligns with Bitcoin's principle of diminishing returns. He also shares another chart indicating that BTC could surge to the $180,000 range by April 2025, representing a more than 400% increase from its current price point.

Current Status

As of now, Bitcoin is trading at $35,375, showing a 26% increase in the past 30 days.

Conclusion

Based on Dave the Wave's analysis, Bitcoin has the potential to reach the $70,000 level by September 2024, setting the stage for a significant rally. Investors should consider these projections and conduct their own research before making any investment decisions.