dailyhodl.com
A popular crypto trader who accurately called Bitcoin’s 2023 turnaround is predicting BTC‘s next cycle high, which he forecasts for the end of 2024.
In a new interview on the Wealth99 YouTube channel, pseudonymous trader Dave the Wave says the king crypto can reach nearly $200,000 by the end of next year.
Dave the Wave is known for using logarithmic growth curves, which plot Bitcoin’s long-term price action by estimating the tops and bottoms of multi-year market cycles.
“December has traditionally been a good boom [month] right, so that peak would line up at the end of the year. And price, I don’t know if it’ll hit the top of that channel – previously it didn’t – so I’m kind of thinking $180,000…
That’s still a thousand percent off the bottom. Realistically, if someone was buying in the ‘buy zone’ here… That’s still 7X. That’s pretty good. And remember that even with the correction, that price might come off but the LGC curve is trundling on up.”
Dave the Wave says that he doesn’t typically attempt to trade BTC’s short-term moves, but remains confident on its longer-term cycles between the bottom and top of the LGC channel. Currently, BTC is exiting his “buy-zone” on the LGC chart.
“I just want to add that I can speculate about the direction of price. I’m more confident that price will stay in this channel without giving a specific track within that channel.”
The closely followed analyst flipped bullish on Bitcoin late last year, when he said a “historic” indicator finally flashed green. BTC is trading at $27,943 at time of writing, up about 70% since Dave the Wave made his call near the end of December 2022.