The analyst who accurately predicted the May 2021 crypto market collapse provides a timeline for Bitcoin (BTC) setting new all-time highs.
Pseudonymous analyst Dave the Wave tells his 139,000 followers that BTC’s current bear market and correction from its 2023 high is likely to last at least through the end of the year.
Dave the Wave has used his own version of logarithmic growth curves (LGC), which attempt to predict Bitcoin’s macro highs and lows while filtering out medium-term volatility and noise. Currently, BTC is trading at the lower end of the analyst LGC, still in the “buy zone.”
Dave the Wave says BTC could fall slightly into next year before moving to new highs above $69,000 in mid-2024.
“A perspective on the BTC macro:
1]Graph showing the steepness of the price against the LGC and corrections.
2]Recent increase recovered a full 50% of the previous correction.
3]This correction may last until the end of the year – 50% fib time extension.
4]Possible target fib levels for this correction.
5]Line to watch the final breakout upwards.
6]Another similar post-correction surge could see prices soar to all-time highs in the middle of next year.”
The popular analyst says that in addition to the LGC suggesting another run for Bitcoin, the monthly moving average convergence divergence (MACD), a long-term momentum indicator, has also turned bullish.
“2.5 years ago the current price would have been a bit high to buy. But now? A reasonable investment along the lines of the BTC LGC, for those with no exposure.
Not to mention the long-term MACD (bulishly crossed and finished just below the zero line)…”
At the time of writing, Bitcoin is trading at $25,990.
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Image generated: Midway through the journey