Bitcoin Burst to All-Time High ‘Perfectly Feasible’ in 2023, According to Analyst Who Predicted Major BTC Crash
An analyst who accurately called the Great Crypto Crash of May 2021 says that Bitcoin (BTC) heading to an all-time high this year is not completely off the table.
Pseudonymous analyst Dave the Wave, who also predicted BTC to recover from the bear market near the $20,000 level, lists four reasons why a BTC rally to a high of around $69,000 in 2023 is not an unreasonable expectation.
“A move to push past BTC highs this year is entirely possible:
– less steep increase in value
– good time, equal to the decline
– only midway on the logarithmic growth curve channel
– 25% of the way there already”
The analyst specializes in using logarithmic growth curves (LGCs), which aim to chart Bitcoin’s long-term real value through cycles of volatility to the upside and downside. Ever since June 2022, BTC has been in the “buy zone” of Dave the Waves LGC. He notes that it bodes well for Bitcoin that the price has fluctuated in his “buy zone” for over eight months now.
“Perhaps positive to see BTC price in the LGC buy zone for an extended period…
Those who build a position want the ‘easy’ money [if not already long]rather than those trying to trade the short-term volatility.
Of course this involves time … and of course involves the LGC model, which if kept should always be secured.”
While many investors fear the current macro conditions and their potential impact on the crypto markets, Dave is the Wave says they are largely irrelevant to technical analysis.
At the time of writing, Bitcoin is trading at $22,367.
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Featured image: Shutterstock/TadashiArt/Natalia Siiatovskaia
