The trader who rightly called the crypto market correction in May 2021 says Bitcoin’s (BTC) market structure is now potentially on track to approach the $200,000 mark if all goes well.
Pseudonymous trader and analyst Dave the Wave tells his 143,000 followers on the social media platform
The MACD is traditionally used to detect trend reversals and confirm trends.
“Another histogram printed on BTC’s monthly MACD.
How many expect something like that?”
Based on the trader’s chart, Dave the Wave appears to predict that BTC will rise above $200,000 by December 2025.
With Bitcoin Looking Bullish, Dave the Wave notes that there could be too much consensus on BTC, raising the possibility that BTC will reach its upside target much sooner than its original timeline.
“It seems like a bit of a problem here to me.
On a technical basis it looks fine, but when most expect it, this becomes problematic [from the contrarian perspective].
Maybe it will be performed a year earlier…’
Dave the Wave uses his own version of logarithmic growth channels (LGCs), which aim to roughly project the highs and lows of Bitcoin’s long-term market cycles while filtering out shorter-term volatility.
According to the analyst, Bitcoin has been in the LGC’s ‘buy zone’ for almost a year and a half, but it looks like it is close to breaking through.
“BTC price in the LGC buying zone for almost a year and a half and 17 months now. How many months I wonder…
Shaded area on the map since 2018.”
At the time of writing, Bitcoin is trading at $38,784.
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Generated image: DALLE3