Will Investors See a Bitcoin Explosion Before Christmas?

Holiday season is here, and many investors wonder whether Bitcoin will continue its uptrend after recently breaching the $100,000 level.

A well-known cryptocurrency analyst has predicted a significant price surge for Bitcoin ( BTC ) in the weeks leading up to Christmas, supported by promising technical indicators.

Dave the Wave stated that Bitcoin is currently trading within an ascending channel. Based on this pattern, he anticipates BTC could climb to around $112,000 by December 25, describing it as a potential “pre-Christmas rally.”

https://x.com/davthewave/status/1865176353668276725/photo/1

Looking at a broader timeline, the analyst compared Bitcoin’s current market behavior to its performance during the 2021 bull run. He identified a long-term ascending channel that hints at BTC reaching between $180,000 and $220,000 during the first half of 2025.

Dave the Wave is also optimistic about the outlook for altcoins. He pointed out that Bitcoin’s dominance in the crypto market (BTC.D) appears to be weakening, suggesting room for altcoin growth. His analysis indicates BTC.D has broken down from a bearish ascending wedge and is encountering diagonal resistance near the 57% mark.

The trader attributes Bitcoin’s gradual upward trajectory to its adherence to four-year cycles. He believes that a parabolic surge may still lie ahead, highlighting the significance of BTC’s steady climb within its technical channel.