A closely followed analyst and trader believes that gold and silver have the potential to keep rallying to new all-time highs.
Pseudonymous analyst Dave the Wave tells his 153,000 followers that silver may increase by more than 81% its current value.
“Silver chart from way back on target.”
Looking at his monthly chart, the trader suggests that silver has broken out of a bullish ascending triangle and is on the verge of breaking through resistance at the $50 level. The trader suggests silver will eventually hit $75 per ounce.
At time of writing, silver is trading for $41.24 per ounce.
Next up, the trader shares a weekly gold chart suggesting that the precious metal is in the midst of a steep uptrend and could rally to around $4,000.
“‘Shorter-term’ Fibonacci target for gold, on the chart for some time, near met.”
At time of writing, gold is trading for $3,494 per ounce.
The trader also believes that Bitcoin (BTC) is showing “classic” signs of an upwards impulse.
According to the analyst’s chart, the flagship digital asset is following a traditional five-wave pattern based on Elliott Wave Theory. The theory asserts that upward price swings occur in five waves, with the fourth wave acting as a corrective move while the fifth and final wave takes the impulse to its high.
Dave the Wave’s analysis suggests that BTC remains in the fifth wave of the five-wave pattern and will find its local top near the end of 2025.
The analyst has predicted that Bitcoin would surge to a price tag of $180,000 by the end of the year.
Bitcoin is trading for $109,163 at time of writing, up marginally on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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