The analyst who accurately predicted the crypto market meltdown of May 2021 is giving a timeline for Bitcoin (BTC) setting new all-time highs.
The pseudonymous analyst Dave the Wave tells his 139,000 X followers that BTC’s current bear market and correction from its 2023 high will probably last at least till the end of the year.
Dave the Wave has been using his own version of logarithmic growth curves (LGC), which attempt to forecast Bitcoin’s macro highs and lows while filtering out medium-term volatility and noise. Currently, BTC is trading near the bottom of the analyst’s LGC, still in the “buy zone.”
Dave the Wave says that BTC could chop downward slightly until next year before pushing to new highs above $69,000 by the middle of 2024.
“Some perspective on the BTC macro:
1] Chart showing the steepness of price relative to the LGC and corrections.
2] Recent move-up recovered a full 50% of the previous correction.
3] This correction may last through to the end of the year – 50% fib time extension.
4] Possible target fib levels for this correction.
5] Line to watch for the eventual break upward.
6] Another similar move up after the correction could see prices pushing to all-time highs mid next year.”
The popular analyst says that on top of the LGC suggesting a new run for Bitcoin, the monthly moving average convergence divergence (MACD), a long-term momentum indicator, has also flipped bullish.
“2.5 years ago, the current price would’ve been a tad high to buy. But now? A reasonable investment along the lines of the BTC LGC, for those without exposure.
Not to mention the long-term MACD (crossed bullishly and poised just below the zero-line)…”
At time of writing, Bitcoin is trading at $25,990.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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