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The trader who accurately called the crypto market crash of 2021 thinks Bitcoin (BTC) is primed to head to much higher prices.
The pseudonymous crypto analyst known as Dave the Wave shares a chart with his 144,800 followers on the social media platform X that outlines a possible scenario for the top crypto asset by market cap for the next year or so.
The chart has BTC jumping to around $70,000 in the first quarter of 2024, then correcting down to around $35,000 by the middle of the year, before taking off to $180,000 by early 2025. The analyst first shared the chart back in November but reposted it this past weekend.
Source: Dave the Wave/X
Dave the Wave also shares a chart that suggests BTC has left the “buy zone” of his logarithmic growth curve (LGC), an investing model that aims to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
In addition, the chart indicates that BTC is in the midst of an uptrend en route to Dave the Wave’s target of $70,000.
Says Dave the Wave,
“Market behavior: people always get interested in buying when price is high…. instead of buying rationally and relatively low.
After well over a year in the BTC LGC buy zone, then the exit, and then the re-visit and the exit again, I’m amazed that people ask me whether it’s a good time to buy.”
Source: Dave the Wave/X
Bitcoin is trading at $49,452 at time of writing. The crypto king is up nearly 15% in the past week and more than 17% in the past month.
Generated Image: DALLE3
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