A veteran crypto trader who has a history of nailing Bitcoin’s market tops and bottoms is unveiling his price target for BTC‘s bottom in the current corrective phase.
Pseudonymous analyst Dave the Wave tells his 152,000 followers on X that BTC will likely find a bottom at the $70,000 level, the upper bound of the “buy zone” of his logarithmic growth curve (LGC).
The LGC is an investing model that aims to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
“BTC technical support also at the top of the LGC ‘buy zone.'”
The analyst also says that the increase in bearish market sentiment suggests Bitcoin is closer to bottoming than most believe, according to historic precedent.
“Price is likely to once again do the unexpected, that where we expect too much on the upside, we tend to also expect too much on the downside…
The point here is that now, yet again, where this unexpected stalling out of price has eventuated, this un-expectation can almost be taken as a principle: market price will do the opposite of what most market participants expect…
Going forward, with this principle in mind, with an overly bearish sentiment increasingly coming to replace the previous overly bullish sentiment, it is likely that price will not go as low as the many expect.”
Bitcoin is trading for $92,742 at time of writing, up 6.8% on the day.
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.
Featured Image: Shutterstock/Olivier Le Moal
