The analyst who precisely predicted the crypto market meltdown of Might 2021 is giving a timeline for Bitcoin (BTC) setting new all-time highs.
The pseudonymous analyst Dave the Wave tells his 139,000 X followers that BTC’s present bear market and correction from its 2023 excessive will most likely final not less than until the tip of the 12 months.
Dave the Wave has been utilizing his personal model of logarithmic development curves (LGC), which try and forecast Bitcoin’s macro highs and lows whereas filtering out medium-term volatility and noise. At present, BTC is buying and selling close to the underside of the analyst’s LGC, nonetheless within the “purchase zone.”
Dave the Wave says that BTC may chop downward barely till subsequent 12 months earlier than pushing to new highs above $69,000 by the center of 2024.
“Some perspective on the BTC macro:
1] Chart exhibiting the steepness of value relative to the LGC and corrections.
2] Current move-up recovered a full 50% of the earlier correction.
3] This correction might final by means of to the tip of the 12 months – 50% fib time extension.
4] Potential goal fib ranges for this correction.
5] Line to observe for the eventual break upward.
6] One other comparable transfer up after the correction may see costs pushing to all-time highs mid subsequent 12 months.”
The favored analyst says that on prime of the LGC suggesting a brand new run for Bitcoin, the month-to-month transferring common convergence divergence (MACD), a long-term momentum indicator, has additionally flipped bullish.
“2.5 years in the past, the present value would’ve been a tad excessive to purchase. However now? An affordable funding alongside the traces of the BTC LGC, for these with out publicity.
To not point out the long-term MACD (crossed bullishly and poised slightly below the zero-line)…”
At time of writing, Bitcoin is buying and selling at $25,990.
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