Dave the Wave Believes BTC Has Yet to Enter the Most Explosive Phase of the Market Cycle

A crypto analyst known for making accurate Bitcoin calls believes BTC still has yet to enter the most explosive phase of the market cycle.

Cryptocurrency trader Dave the Wave believes that Bitcoin (CRYPTO: BTC) still has yet to enter the most explosive phase of the market cycle.

The pseudonymous analyst told his 147,300 followers on the social media platform X that BTC remains on track to soar into the six figures despite its recent dip into the low $90,000s.

According to Dave the Wave, Bitcoin moves in four-year cycles and, if it were to mirror past price action, a parabolic move still remains on the horizon.

“One positive if the BTC price does correct is that it has, as yet, not gone parabolic, remaining in a technical upward channel.”

Dave the Wave also shared a chart suggesting that Bitcoin will likely hit $110,000 in the near term.

“Your move BTC.”

Bitcoin's four-year cycle is based on halving events when BTC miner rewards are slashed in half. The reduction in new coins coming into the market has historically coincided with higher price levels for BTC. The most recent halving occurred in April.

The trader also shared a chart suggesting that Bitcoin will likely hit a cycle top above $200,000 by next year.

“BTC halfway to its interim technical target, which would see it break the six-figure barrier.”

Bitcoin traded at $96,478 at the time of writing, up 4.8% over the past 24 hours.