Trader Who Called Bitcoin Crash Says BTC Could Easily Rally to $160,000 – Here’s His Timeline
A crypto analyst who nailed Bitcoin’s (BTC) collapse final yr predicts an enormous surge for the king crypto.
The analyst recognized within the business as Dave the Wave tells his 131,900 Twitter followers that based mostly on his logarithmic development curve (LGC) mannequin, Bitcoin may ascend to $160,000 by January 2025.
“On the idea of the LGC, which has stood the check of time for 4 years, BTC may simply do a 10x over the subsequent couple of years…”
The LGC mannequin is the analyst’s try to foretell the cycle highs and lows of Bitcoin amid altering macroeconomic circumstances.
Based on the crypto strategist, the LGC and his prediction remain legitimate so long as Bitcoin stays above the assist of the mannequin on a multi-month foundation.
“As to when the LGC may very well be invalidated by future value – a multi-month shut considerably under the bottom curve because it’s a macro mannequin.”
Dave the Wave additionally says the LGC mannequin continues to trace the value motion of Bitcoin regardless of the gloom and doom surrounding the crypto markets.
“To this point, the bottom of the BTC LGC has confirmed to be the very best assist of value.
The rising actual correction of the cycles [23% – 38% – 50%] is implicit within the chart from a yr again…
Breaking? Confirming relatively.”
He additionally believes the baseline of the mannequin will proceed to behave as assist simply as the highest of the LGC served as resistance over the past bull market.
“The earlier ‘bubble’ is successfully ‘popped.’ It’s fairly one thing else within the mixture. The place the speculative extra culminates in a collection of punctuated peaks, the corrections serve to supply a baseline of types, with this baseline representing a logarithmic development curve.”
At time of writing, Bitcoin is altering fingers for $15,507, a fractional dip on the day.
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