A crypto analyst who correctly called Bitcoin’s (BTC) collapse last year is predicting a Santa Claus rally for the king crypto.
The pseudonymous analyst Dave the Wave tells his 131,100 Twitter followers that Bitcoin looks poised to take out the horizontal resistance of an ascending triangle pattern.
“BTC Xmas rally on the cards…”
At time of writing, Bitcoin is trading hands for $17,046, suggesting a potential rise of over 11% should BTC hit the analyst’s target of $19,000.
Looking at Bitcoin from a higher timeframe, Dave the Wave says BTC is presenting an “optimal” opportunity for long-term bulls based on his logarithmic growth curve (LGC) model.
“Looked at soberly, without the previous great expectation… and without the aftermath of great disappointment, current prices are both Bitcoin normal and optimal for those interested in risk and reward.”
The LGC model is the analyst’s attempt to predict the cycle highs and lows of Bitcoin amid changing macroeconomic conditions. Dave the Wave has repeatedly said that BTC is currently at the “buy zone” of the model despite the extreme bearish sentiment among market participants.
Fellow crypto analyst Credible also believes that Bitcoin is gearing up for bullish continuation. The analyst tells his 336,200 Twitter followers that BTC will likely rally toward his target of $19,000.
“No change to my expectations. Still looking for $19,000. BTC has formed a nice tight consolidation here after a clean impulse on low timeframe. May dip into $16,000 first to take out these built-up lows but still expecting continuation up after regardless.”
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Featured Image: Shutterstock/Mia Stendal
