Crypto analyst suggests Bitcoin could rise to $180K based on Elliott Wave theory

Crypto analyst Dave the Wave recently shared his insights on X, suggesting that Bitcoin could potentially surge by 160% based on the Elliott Wave theory. This theory suggests that a bullish asset typically experiences a five-wave rally, with waves one, three and five representing upward moves and waves two and four serving as corrective periods. According to The Daily Hodl, Dave the Wave's chart indicates that Bitcoin is currently forming the fifth wave, which could propel its price towards $180,000. The analyst also points out that Bitcoin appears to be forming a bullish cup-and-handle pattern on the daily time frame and may be on the verge of a major rally, similar to the pattern observed from 2018-2020.