The trader who accurately called the crypto market crash of 2021 says that Bitcoin (BTC) may be setting the stage up for a relatively small parabolic move.
Pseudonymous analyst Dave the Wave tells his 143,200 followers on the social media platform X that the king crypto could surge if it crosses a key level around $50,000.
“Break the upward channel and BTC go parabolic, otherwise business as usual.”
The trader’s upper and low bounds of the channel are based on his version of the logarithmic growth curves (LGC), which attempt to forecast Bitcoin’s macro highs and lows while filtering out medium-term volatility and noise.
He also says Bitcoin’s logarithmic monthly moving average convergence divergence (LMACD), a long-term momentum indicator, is flashing bullish similar to the way it did before a parabolic breakout in 2019.
“Another BTC mini-parabolic run shaping up?”
Looking at his chart, the trader seems to suggest the mini-parabolic move could bring BTC beyond the $60,000 level.
He also says that it appears Bitcoin may complete a bullish inverse head-and-shoulders pattern, taking it beyond $50,000.
“Also works in with the ‘cycle.’”
The trader previously said that Bitcoin’s market structure is setting the king crypto up to soar above $200,000 by December 2025.
Bitcoin is trading for $43,932 at time of writing, a fractional increase during the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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.
Generated Image: DALLE3
