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Crypto Analyst Who Called Massive Bitcoin Crash Says BTC Targeting $400,000 in Extended Boom and Bust Cycle

by Daily Hodl Staff
April 17, 2020
in Trading

A crypto analyst who called Bitcoin’s dramatic 2019 correction says the leading cryptocurrency is well-positioned for a boom and bust cycle that brings BTC to $400,000.

The pseudonymous strategist, known in the industry as Dave the Wave, accurately predicted the start of Bitcoin’s 2019 reversal. On July 11th of last year, with BTC at $11,600, the analyst said Bitcoin appeared to be at the start of a parabolic downtrend that would last until the king of crypto hit $6,000 at the end of the year.

The prediction turned out to be remarkably on point, with BTC reaching a yearly low of $6,425 in December.

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Dave is now updating his long-term Bitcoin forecast. By plotting a curve based on Bitcoin’s past price history, he expects BTC to witness decreasing volatility in the decade ahead.

Source: Dave the Wave/Twitter

He predicts BTC will spike to around $110,000 at the end of 2022, followed by a crash to a low of $30,000 in 2025.

After that, the analyst believes Bitcoin will begin a long-term grind that will end at around $400,000 in 2029.

In the short term, economist Alex Krüger says BTC may push from its current price of just over $7,000 to $7,700. But after that, he’s expecting another retracement to $6,400.

However, Krüger warns that Bitcoin appears to remain closely correlated to traditional markets, and all bets are off if the stock market takes another beating.

“[Bitcoin’s price action] would depend on what stock indices do. Bitcoin continues to trade like a risk-on asset. Rolling correlations between BTC and the S&P 500 remain around historical highs.”

At time of publishing, BTC is up 1.05% at $7,107, according to CoinMarketCap. Ethereum is up 0.16% at $171.50 and XRP is up 0.30% at $0.1900.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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