A crypto analyst who nailed Bitcoin’s (BTC) collapse last year predicts a massive surge for the king 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 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.
According to the crypto strategist, the LGC and his prediction remain valid as long as Bitcoin stays above the support of the model on a multi-month basis.
“As to when the LGC could be invalidated by future price – a multi-month close significantly below the base curve as it’s a macro model.”
Dave the Wave also says the LGC model continues to track the price action of Bitcoin despite the gloom and doom surrounding the crypto markets.
“So far, the base of the BTC LGC has proven to be the best support of price.
The increasing real correction of the cycles [23% – 38% – 50%] is implicit in the chart from a year back…
Breaking? Confirming rather.”
He also believes the baseline of the model will continue to act as support just as the top of the LGC served as resistance during the last bull market.
“The previous ‘bubble’ is effectively ‘popped.’ It is quite something else in the aggregate. Where the speculative excess culminates in a series of punctuated peaks, the corrections serve to provide a baseline of sorts, with this baseline representing a logarithmic growth curve.”
At time of writing, Bitcoin is changing hands for $15,507, a fractional dip on the day.
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Featured Image: Shutterstock/Kalleeck
Source: https://dailyhodl.com/2023/01/01/trader-who-called-bitcoin-crash-says-btc-could-easily-rally-to-160000-heres-his-timeline/