The cryptocurrency market as a whole is experiencing remarkable growth, with Bitcoin leading the trend and drawing interest from both retail and institutional investors.

As for Ethereum, it is currently valued at $3,415, and despite its struggles, Dave the Wave remains optimistic about its potential for gains in the altcoin market.

It is important to note that the opinions expressed in this analysis are not investment advice, and investors should conduct their own due diligence before making high-risk investments.

Immediate support for Bitcoin is noted around the $92,000 mark, which could help cushion any potential price pullbacks.

The upcoming weeks are deemed crucial for Bitcoin's trajectory, as strong bullish sentiment persists amid inherent market volatility.

Factors contributing to Bitcoin's recent rise include increased institutional adoption, regulatory clarity, and favorable macroeconomic conditions.

Using Fibonacci extension levels, Dave the Wave has identified a potential cycle top target of $170,000 for Bitcoin, suggesting the possibility of a parabolic spike beyond its previous all-time highs.

Dave the Wave has a track record of accurately predicting the crypto market cycle tops and bottoms in 2021 and 2022.

Veteran crypto analyst Dave the Wave has indicated that Bitcoin is currently testing a critical resistance level around $105,400, and if this level is breached, it could trigger a rally towards $130,000 by May 2025.

At present, Bitcoin is trading at approximately $108,386, which positions it above the identified resistance level.

In the short term, Dave the Wave has set a target price of approximately $7,600 for Ethereum, offering hope to its holders despite the current negative sentiment surrounding the asset.

Despite Ethereum's current underperformance compared to Bitcoin, the outlook for the altcoin market remains cautiously optimistic.