Gold, Bitcoin Set for Higher Prices As Geopolitical Tensions Rise, According to Trader That Called 2021 Market Cycle Top

Gold and digital gold are likely set for more runs amid rising geopolitical tensions and solid technical setups, according to veteran trader Dave the Wave.

The pseudonymous trader tells his 153,000 followers on X that Bitcoin ( BTC ) and gold are both seeing strength on geopolitical concerns.

“BTC strength.

Geo-political concerns? Gold and digital gold go up…”

Source: Dave the Wave/X

The trader’s chart suggests BTC is climbing an ascending channel targeting all-time highs near $123,000.

Zooming out, Dave the Wave believes Bitcoin lives within what he refers to as “logarithmic growth curves,” which aim to pinpoint the macro highs and lows of BTC market cycles while filtering for shorter-term volatility.

According to the trader, BTC is only halfway through its LGC channel, suggesting that its bull run still has a significant amount of gas in the tank.

“BTC short term and long term:

solid bounce and only midway through the LGC channel.”

Source: Dave the Wave/X

Turning to the altcoin market, Dave the Wave  says he’s keeping a close watch on the TOTAL2 chart, which tracks the total market cap of all crypto assets excluding Bitcoin and stablecoins.

According to Dave the Wave, TOTAL2 appears to be preparing to break out to new all-time highs and rally toward his target at $3.22 trillion.

“TOTAL2 breaking to new highs…”

Source: Dave the Wave/X

At time of writing, Bitcoin is trading at $116,578 while TOTAL2 is trading at $1.678 trillion.

Generated Image: Midjourney