Get the scoop on finance - sign up for mobile alerts
Categories: Bitcoin
| On
April 23, 2024

Trader That Called 2022 Bear Market Bottom Updates Bitcoin Forecast – Here’s His BTC Cycle Top Price Prediction

By Daily Hodl Staff

A popular trader known for several accurate crypto market calls is outlining his Bitcoin forecast after the BTC halving last week.

The pseudonymous analyst known as Dave the Wave shares chart with his 147,000 followers on the social media platform X that indicates Bitcoin could reach $169,500 in the last quarter of 2024.

ADVERTISEMENT

According to Dave the Wave, Bitcoin has consistently printed diminishing returns after every bull market since 2012. For the current cycle, the trader expects BTC to generate gains of over 626% from the bottom – a significant reduction from the 1,275% gains witnessed during the 2020 cycle.

“The near only constant is reduced return.”

Source: Dave the Wave/X

At time of writing, Bitcoin is trading for $66,938, up over 3.5% in the past day.

Dave the Wave analyzes Bitcoin’s possible path forward using the logarithmic growth curve (LGC), an investing model that aims to forecast BTC’s market cycle highs and lows while filtering out short-term volatility.

ADVERTISEMENT

The analyst explains that Bitcoin hitting a fresh all-time high before the halving is not so out of the ordinary. According to Dave the Wave, the halving marks the midpoint of a bull market and he expects BTC to ignite a steep rally from this point toward the top of his LGC model.

“A lot is being made of the current Bitcoin halving being at the highest price as compared to previously.

But this is not so significant when you see that previous halvings were all pushing previous all-time highs…. with halving prices within the last month’s spike of the previous ‘cycle’ highs…

The takeaway from this thread of charts is that halvings have all been, more or less, recoveries of price… and marking something of a midway point toward the peaks.

Also, that the initial peak last time should be considered the macro top [momentum-wise] even though a nominal higher price was seen on the second peak.”

ADVERTISEMENT
Source: Dave the Wave/X
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
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