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.
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.
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.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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