Bitcoin (BTC) 'Fireworks' Are Just About to Begin, Hints Seasoned Crypto Trader Dave the Wave

The world's largest and oldest cryptocurrency displayed a remarkable rebound on Tuesday after an ugly start to September

A prominent crypto analyst, who accurately predicted the May 2021 بازار کریپتو crash, has recently shared his bullish outlook on Bitcoin's price performance in the last quarter of 2024.

In a recent post, pseudonymous analyst Dave the Wave hinted at Bitcoin price “fireworks” in Q4.

The Fireworks Are Just About To Begin For Bitcoin

The world’s leading and oldest cryptocurrency staged a remarkable rebound on Tuesday following a dismal start to September, during which the price tumbled below $53,000.

Bitcoin was trading at around $57,519 at press time, up 1.4% over the past 24 hours. Despite the gains, BTC is still trading lower by about 3% for September and down nearly 21% since setting a new all-time high above $73,700 in March.

Nevertheless, Dave the Wave thinks Bitcoin is setting up for explosive price action. In a post on the X microblogging platform, the well-known crypto trader shared a Bitcoin chart suggesting that the alpha crypto could begin smashing stubborn resistance zones as early as October 1, 2024.

Dave the Wave’s chart also shows that Bitcoin is currently trading within a triangle pattern while consolidating in a multi-month range.

“BTC 4th quarter fireworks?” the trader asked his followers.

#btc 4th quarter fireworks? pic.twitter.com/sP52mo0qTJ

The strategist has noted that Bitcoin has only fallen to the 0.236 Fibonacci level so far despite the recent crypto market turmoil. Traders usually find it to be incredible strength when an asset holds the 0.236 Fibonacci as support. This is because the setup shows that buyers are willing to step in without waiting for the asset to drop further, and it could act as a springboard for a massive price appreciation in the near term.

Dave the Wave observed earlier this month that Bitcoin might be mirroring its price action from the previous cycle. An accompanying explanatory chart further suggested that the crypto was moving toward a parabolic spike in line with the 2020 cycle's timeline.

September has historically been a weak month for Bitcoin's price performance. However, the fourth quarter is just a few weeks away, and October and Q4, in general, have tended to be good for BTC prices.

There’s also the November United States presidential election, and while former commander-in-chief and Republican frontrunner Donald Trump has on multiple occasions promised a very friendly approach toward crypto regulation if reelected, his rival Kamala Harris serves in a regime industry observers consider hostile.

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