Crypto Trader's Bitcoin Warning and Target for Next Market Cycle After Accurate May 2021 Crypto Crash Prediction
Top Trader Cautions Bitcoin (BTC) Bulls Against Unrealistic Price Targets Despite Accurate Market Calls
"Crypto Trader Dave the Wave Advises Against Unrealistic Bitcoin Price Targets, Recommends Logarithmic Growth Curves (LGCs) for Better Analysis"
Pseudonymous crypto analyst Dave the Wave, followed by 139,000 Twitter users, highlights concerns about ambitious Bitcoin price targets based on straight diagonal resistance lines reaching six-figure values.
Instead, Dave the Wave advocates the use of logarithmic growth curves (LGCs) to map Bitcoin's potential trajectory. By employing LGCs, he demonstrates how diminishing volatility can lead to more moderate rallies and corrections over time, offering a more grounded perspective.
The LGC method is designed to provide estimates of Bitcoin's long-term highs and lows while filtering out short-term fluctuations.
The trader cautions, "Be cautious of BTC charts projecting longer-term straight lines, channels, and parallels as price targets in the next bull run. This approach misled many in the past."
Analyzing the trader's chart, the LGC model indicates a potential Bitcoin rally surpassing $200,000 before the end of 2026.
Dave the Wave affirms that despite BTC's current relatively high value following its impressive performance this year, it remains in the opportunity zone for long-term investors, with a hovering price near $30,000.
Acknowledging the high price, Dave emphasizes that Bitcoin is still within the LGC buy zone, making it an attractive option for investors.
According to recent statements from Dave the Wave, it is highly probable that Bitcoin has already reached its bottom, and the focus now shifts to its potential upward trajectory.
"Amidst a growing consensus on Bitcoin's bottom being established, the key question is now about its next peak, following a proportionate response within the LGC parameters that have been in effect since 2018."
Accompanied by a chart, the trader forecasts a Bitcoin price of $157,512 by 2025.
As of the current moment, Bitcoin's trading value stands at $29,843.
Jul 24, 2023
