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421% Gains Now on the Table for Bitcoin (BTC), Says Technical Analyst Dave the Wave

by Daily Hodl Staff
June 22, 2023
in Bitcoin

A trader with a history of making accurate predictions in the crypto space says that Bitcoin (BTC) is likely gearing up for a massive move to the upside.

The pseudonymous analyst Dave the Wave tells his 138,800 Twitter followers that Bitcoin could shoot up by more than 420% from its current value.

He says that Bitcoin’s bottom is likely already in and the question is now just how high BTC can run.

“With a consensus building that the BTC bottom is in, the question increasingly raised is what could the next top be. A proportionate response within the parameters of the LGC (logarithmic growth curve)… performing since 2018.”

The trader provides his chart predicting a $157,512 Bitcoin price by 2025. He bases the estimate on his logarithmic growth curve, which aims to estimate Bitcoin’s long-term highs and lows throughout its lifetime while ignoring short-term volatility, as well as Fibonacci extension levels.

Image
Source: Dave the Wave/Twitter

According to Dave the Wave, Bitcoin has bottomed at the $27,042, .382 Fibonacci retracement level, similar to the price pattern in 2016 that led to a multi-year Bitcoin bull run.

Image
Source: Dave the Wave/Twitter

In May, the trader said that strong support levels were sitting between the $22,000 and $26,000 range for Bitcoin. And earlier this month, when Bitcoin was trading for about $25,000, he warned against being overly cautious.

Bitcoin crossed $30,000 on Wednesday and at time of writing is trading for $30,198, up 6.6% during the last 24 hours.

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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 losses 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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