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A crypto strategist who nailed Bitcoin’s 2021 market meltdown believes BTC remains on track to print new all-time highs this year.
Pseudonymous analyst Dave the Wave tells his 150,500 followers on the social media platform X that Bitcoin may soar to more than $200,000 by the end of the year based on his logarithmic growth curve (LGC).
Dave the Wave shares a chart that shows BTC has been out of the “buy zone” of his LGC since it was last trading around $40,000.
The LGC aims to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
“Chart from when BTC was well below half the current price and in the LGC buy zone. Price on track.”
Source: Dave the Wave/X
The analyst says Bitcoin’s latest rally reclaiming the $90,000 range further validates his price prediction.
“Bang on target.”
Source: Dave the Wave/X
He also shares a chart suggesting Bitcoin remains in an ascending channel within the LGC.
“BTC chugging away like clockwork – market maturity.”
Source: Dave the Wave/X
Lastly, the analyst notes that the weekly logarithmic moving average convergence divergence (LMACD) indicator is still above the zero line, which has historically acted as support for BTC.
The LMACD indicator is designed to signal changes in an asset’s trend, strength and momentum. Typically, an asset is seen as bullish once it crosses the LMACD zero line.
“Reminder: BTC weekly MACD has not been in bear territory, below the zero line, since early 2023.”
Source: Dave the Wave/X
Bitcoin is trading for $92,651 at time of writing, up 2.2% in the last 24 hours.
Generated Image: Midjourney
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