Bitcoin Could Hit $170,000 by November, Says Analyst
A trader who accurately predicted the 2021 market top thinks Bitcoin might still have a long way to go—and surprisingly, he’s calling his own forecast “conservative.” Dave the Wave, a pseudonymous analyst with over 150,000 followers on X, suggests BTC could climb to $170,000 by late this year.
Right now, Bitcoin is moving upward inside what he describes as a large ascending channel. The upper boundary of that pattern points to the $170,000 mark, possibly as early as November. “In a manic, overheated market,” he adds, “it could go higher.” That’s not exactly a wild prediction given Bitcoin’s history, but it’s still a big number.
Altcoins Might Be Gaining Strength
Dave isn’t just watching Bitcoin. He’s also keeping an eye on altcoins, which tend to rally when Bitcoin’s dominance—the percentage of the total crypto market cap that belongs to BTC—starts slipping. According to his charts, BTC.D (the Bitcoin dominance metric) looks like it might be peaking. Historically, that’s been a signal for altcoin surges.
He’s eyeing a drop to around 42.5% for BTC.D, which would mean altcoins are gaining ground faster than Bitcoin. “Take your positions, ladies and gentlemen…” he posted recently, hinting that the shift could be coming soon.
At the moment, Bitcoin dominance sits at about 59.5%, while BTC itself is trading near $117,785—up more than 100% over the past year. If dominance does start falling, it could mean bigger moves for smaller coins.
Is This Too Optimistic?
Of course, not everyone’s convinced. Crypto markets are volatile, and patterns don’t always play out the way charts suggest. Even Dave calls his $170,000 target “conservative,” which feels like an odd word for such a high price. Then again, Bitcoin has surprised people before.
One thing’s for sure: if Bitcoin dominance really does start sliding, the next few months could get interesting for altcoins. Whether that happens—and whether BTC hits six figures—remains to be seen. For now, traders seem to be watching both trends closely.
