dailyhodl.com
A crypto strategist who nailed Bitcoin’s 2021 market meltdown believes $BTC remains on track to print new all-time highs this year.
Pseudonymous analyst Dave the Wave tells his 150,500 followers on the social media platform X that Bitcoin may soar to more than $200,000 by the end of the year based on his logarithmic growth curve (LGC).
Dave the Wave shares a chart that shows $BTC has been out of the “buy zone” of his LGC since it was last trading around $40,000.
The LGC aims to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
“Chart from when $BTC was well below half the current price and in the LGC buy zone. Price on track.”
The analyst says Bitcoin’s latest rally reclaiming the $90,000 range further validates his price prediction.
“Bang on target.”
He also shares a chart suggesting Bitcoin remains in an ascending channel within the LGC.
“$BTC chugging away like clockwork – market maturity.”
Lastly, the analyst notes that the weekly logarithmic moving average convergence divergence (LMACD) indicator is still above the zero line, which has historically acted as support for $BTC.
The LMACD indicator is designed to signal changes in an asset’s trend, strength and momentum. Typically, an asset is seen as bullish once it crosses the LMACD zero line.
“Reminder: $BTC weekly MACD has not been in bear territory, below the zero line, since early 2023.”
Bitcoin is trading for $92,651 at time of writing, up 2.2% in the last 24 hours.
Generated Image: Midjourney