A veteran trader who accurately predicted the May 2021 crypto collapse believes that Bitcoin (BTC) is on the verge of a massive breakout.
Pseudonymous trader Dave the Wave shares a chart with his 146,400 followers on the social media platform X that shows Bitcoin may be forming a similar pattern from the last cycle right before an explosive rally.
Looking at his monthly chart, the trader suggests that Bitcoin will test a long-term diagonal support that could act as a launch pad for upward price action similar to what occurred in late 2020.
The analyst also shares a chart using his version of the logarithmic growth channel (LGC) curve, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.
According to the trader, his LGC model is suggesting that Bitcoin’s current market cycle remains in an uptrend.
“BTC bull markets climb a wall of worry… unless you’ve got the LGC model to go by.”
Lastly, the analysts say that the king crypto’s one-year moving average is acting as a support level, which has historically lined up with big rallies.
“One-year BTC moving average reaching all-time highs while currently supporting price.”
Bitcoin is trading for $58,168 at time of writing.
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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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