The trader who accurately called the crypto market crash of 2021 is predicting that Bitcoin (BTC) will soar to a massive value in 2025.
Pseudonymous analyst Dave the Wave tells his 144,400 followers on the social media platform X that Bitcoin could come close to the $200,000 level in less than two years.
“BTC just shy of $200,000 in 2025 based on this prediction.”
He bases the estimate on Bitcoin’s logarithmic monthly moving average convergence divergence (LMACD), a long-term momentum indicator, as well as Fibonacci extension levels, which keep track of potential areas of support and resistance.
Looking at his chart, the trader suggests the LMACD indicator is showing BTC has reached a market bottom and is in an uptrend that will reach nearly $200,000 by October 2025.
The trader also uses his version of logarithmic growth curves (LGCs), which aim to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
“BTC solid and sideward within the range so far.”
According to the trader’s chart, the LGC’s support levels could be tested at the longer-term end of the channel near $30,000 or potentially at $38,000 if its shorter ascending channel stays intact.
The trader believes that the logarithmic chart accurately provides a longer-term view of Bitcoin’s price action.
“It really is astounding the effect time has on our perceptions – just three years ago the current BTC price in the $40,000 range was blowing everyone’s mind, where today it is thought all a bit passé.
This has something I think to do with ‘time preference’, where those with a high-time preference are very much focused on the present (present-minded), while those with the low on the future (a more ‘elastic’ frame of mind).”
Bitcoin is trading for $44,149 at time of writing, up more than 2% in the last 24 hours.
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Source: https://dailyhodl.com/2024/02/08/bitcoin-to-reach-just-shy-of-200000-in-2025-according-to-top-analyst-heres-his-outlook/