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.
Generated Image: Midjourney
