Here Are Price Targets for Gold and Silver As Precious Metals Break Out, According to Veteran Trader

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.”

Source: Dave the Wave/X

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.”

Source: Dave the Wave/X

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.

Source: Dave the Wave/X

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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