A crypto analyst who nailed Bitcoin (BTC) Last year’s collapse predicted a massive rise in the king of crypto.
The analyst known in the industry as Dave the Wave tells his 131,900 Twitter followers that, based on his logarithmic growth curve (LGC) model, Bitcoin could hit $160,000 by January 2025 .
“Based on the LGC, which has stood the test of time for four years, BTC could easily do a 10x over the next two years…”
The LGC model is that of the analyst attempt to predict Bitcoin’s cycle highs and lows under changing macroeconomic conditions.
According to the crypto strategist, the LGC and its prediction stay valid as long as Bitcoin stays above pattern support on a multi-month basis.
“As to when the LGC might be invalidated by future price – a multi-month close significantly below the base curve as it is a macro pattern.”
Dave the Wave also says the LGC model keep on going to track Bitcoin price action despite the gloom surrounding the crypto markets.
“So far, BTC LGC base has proven to be the best price support.
The increasing real correction of the cycles [23% – 38% – 50%] is implicit in the chart from a year ago…
Breakup? Rather confirm.
He also has believes the base line of the pattern will continue to serve as support just as the top of the LGC served as resistance during the last bull market.
“The previous ‘bubble’ is effectively ‘burst.’ baseline representing a logarithmic growth curve.
At the time of writing, Bitcoin is changing hands for $15,507, a fractional drop on the day.
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Featured Image: Shutterstock/Kalleeck