A crypto analyst known for calling the 2021 Bitcoin (BTC) collapse thinks the king crypto is on track to break through its “longer-term diagonal of resistance.”
Pseudonymous trader Dave the Wave tells his 132,600 Twitter followers that a “technical move over the next month or two” could possibly be sufficient to break that resistance.
“BTC
Could a technical move over the next month or two be sufficient to break the longer-term diagonal of resistance?
On track so far…”
Dave the Wave also tells his followers to pay attention to the time Bitcoin has spent below the weekly Gaussian channel. Gaussian channels are momentum indicators that can be used to identify price tops and bottoms.
“Periods of time BTC price has been below the weekly Gaussian channel. Nothing too drastic here…”
BTC is trading at $17,195 at time of writing. The top-ranked crypto asset by market cap is up about 3% in the past week. Bitcoin remains 75% down from its all-time high of more than $69,000, which it hit in November 2021.
In late December, Dave the Wave said his logarithmic growth curve (LGC) model indicated Bitcoin could ascend to $160,000 by January 2025.
“On the basis of the LGC, which has stood the test of time for four years, BTC could easily do a 10x over the next couple of years…”
The LGC model is the analyst’s attempt to predict the cycle highs and lows of Bitcoin amid changing macroeconomic conditions.
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Source: https://dailyhodl.com/2023/01/10/analyst-who-called-may-2021-bitcoin-crash-says-btc-on-track-for-major-breakout-heres-how-high-it-could-soar/