Analyst Predicts Potential All-Time High for Bitcoin Above 100K This Cycle

In a cryptocurrency market that continues to capture the attention of both novice and experienced investors, the trader known as Dave the Wave, who previously predicted the May 2021 crash, has come up with new predictions that could define Bitcoin’s next peak. . With a loyal following of over 146,000 followers on the well-known social media platform, Dave uses an adapted version of the logarithmic growth channel (LGC) curve to project Bitcoin’s future movements.

According to the analyst, his LGC model indicates that Bitcoin could, in this cycle, reach a value up to three times higher than the current price, which would place the cryptocurrency at around an impressive US$205,000.

“The price of BTC has always been relatively close to previous highs at the time of the halving. The interesting thing this time is the 4x below the bottom compared to the previous 3x. This suggests some anticipation of the price in relation to the halving. The LGC model suggests a maximum of 3x from here. This is also why you might want to consider trading the extra volatility of alt/USD to make some profits while continuing to bet on BTC for the long term,” explains the trader.

#btc price has always been relatively close to previous highs at the time of halvings.

Of interest, this time round, is the 4x off the bottom as compared to the previous 3xs. This suggests some front-running of price relative to the halving.

The LGC model suggests a max of 3x… pic.twitter.com/1LeWf9wxLz

— dave the wave🌊🌓 (@davthewave) May 29, 2024

Dave the Wave also points out that Bitcoin is close to an ascending diagonal trendline that has historically represented strong support for the cryptocurrency. “The price of BTC is once again approaching what acted as strong support…” he highlights, suggesting possible strategies for traders looking to take advantage of this dynamic.

Dave’s predictions are not only interesting for followers of macroeconomic market trends, but also offer valuable insights for those who trade daily, seeking short-term strategies based on solid technical analysis.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.