Is the Bitcoin price ready for a turnaround? Analyst predicts breakout to $117,000

The pseudonymous analyst Dave the Wave is extremely bullish on Bitcoin. According to him, Bitcoin could replicate its price action from November 2024, which would indicate a major trend reversal is imminent. Has the bottom finally been reached, and can we look up again?

Major Trend Reversal for Bitcoin

Dave the Wave notes that Bitcoin is at the beginning of an inverted head and shoulders pattern on the daily chart.

This pattern is typically considered bullish, indicating that buyers are entering without waiting for a new visit to the bottom of the Bitcoin price.

The analyst then shares a chart suggesting that Bitcoin could repeat its price action from the second half of 2024. During this period, Bitcoin formed the same bullish reversal pattern before shooting to a new all-time high.

Based on his chart, Dave the Wave seems to suggest a rise in Bitcoin to nearly $90,000. After that, the price should fall to $80,000 to form the right shoulder, and then begin a breakout with a target of $117,000.

Bitcoin is increasingly becoming a safe haven

Following a technical analysis, Dave the Wave also considers Bitcoin’s fundamental development.

According to the analyst, Bitcoin was primarily a tool that protected against authoritarian control, and he now increasingly sees the digital currency as a reliable safe haven in times of economic unrest.

“Adjust your opinion of Bitcoin so you don’t become disappointed or demoralized. In the early days, Bitcoin was a tool for cypherpunks. Now it’s an alternative currency that’s emerging and being taken much more seriously,” the analyst says.

He then goes on to claim that it is only a matter of time before Bitcoin enters a phase of price discovery again.