A widely followed crypto analyst says that one technical pattern indicates that the flagship cryptocurrency Bitcoin (BTC) could take off before year’s end.
Pseudonymous analyst Dave the Wave, who called BTC’s cycle top four years ago, tells his 152,900 followers on the social media platform X that BTC’s four-year cycles may be more theory than fact.
“Though admittedly, in these later days, an element of superstition is written into the theory of BTC 4-year cycles, it certainly is interesting that the culmination of such a cycle also would coincide with the multi-year upward technical channel…”
According to the analyst, the logistic growth curve (LGC) model of looking at BTC might be better suited for the top crypto asset by market cap.
“In a maturing market, at some point the traditional 4-year cycle has to break [which was tied to the halving narrative]…. but not the LGC channel.
At least with the LGC model you have a logic to how the alternative currency of BTC is being capitalized.
Same curves since 2018… giving this model some legs to stand on.”
Finally, the analyst concludes that BTC could explode in price without necessarily going parabolic.
“4th quarter BTC fireworks anyone?
Big target technically feasible… parabolic spike not required.”
BTC is worth $113,895 at time of writing, up nearly 3% in the last 24 hours.
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