Bitcoin has left the station and is heading for much higher prices, says an analyst who predicts the cryptocurrency collapse in 2021
The trader who aptly dubbed the crypto market crash of 2021 believes Bitcoin (BTC) is primed for significantly higher prices.
Pseudonymous crypto analyst Dave the Wave shares a chart with his 144,800 followers on social media platform X that outlines a possible scenario for the top crypto asset by market cap over the next year or so.
The chart shows BTC rising to around $70,000 in the first quarter of 2024, then correcting to around $35,000 by mid-year before rising to $180,000 in early 2025. The analyst first shared the chart in November but republished it here last weekend.
Source: Dave the Wave/X
Dave the Wave also shares a chart that suggests BTC has moved out of the “buy zone” of its logarithmic growth curve (LGC), an investment model that aims to predict the highs and lows of the Bitcoin market cycle while filtering out short-term volatility.
Additionally, the chart shows that BTC is in the midst of an uptrend en route to Dave the Wave’s target of $70,000.
Says Dave the wave,
“Market behavior: People always become interested in buying when the price is high…” instead of buying rationally and relatively cheaply.
After well over a year in the BTC-LGC buy zone, then exiting, then revisiting and exiting again, I am amazed that people are asking me if it is a good time to buy.”
Bitcoin is trading at $49,452 at the time of writing. The crypto king is up nearly 15% in the past week and more than 17% in the past month.
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