A Bitcoin price of $160,000 could be a “conservative” price target, according to a trader who calls the bear market bottom in 2022
A trader known for several accurate crypto market predictions says Bitcoin (BTC) could rise above $160,000 in this bull cycle if the current market structure continues.
Pseudonymous analyst Dave the Wave shares with his 143,000 followers on the social media platform
“A BTC target of $160,000 is actually quite conservative in this comparison should we see a sustained parabolic rise.”
Source: Dave the Wave/X
Dave the Wave uses his own version of logarithmic growth channels (LGC) to attempt to predict the highs and lows of the market cycle while filtering out short-term volatility and disruption.
Looking at his chart, the trader believes Bitcoin is drawing a similar price pattern to 2020, where it breaks out of an ascending channel and transitions into a parabolic upward momentum, making a 154% move.
Pseudonymous crypto trader Rekt Capital also draws a comparison between the current Bitcoin cycle and 2020 as BTC heads towards the April halving, where miners' rewards will be halved. He expects Bitcoin could consolidate in the high $60,000 region as it enters the halving and subsequent breakout phase, similar to the 2020-2021 cycle.
“This current cycle has been a story of reaccumulation areas (green-red). And an interesting possibility for the price halving is further consolidation at highs (i.e. re-accumulation). This turn of technical events would be historically accurate. This would account for the fact that a pre-halving retracement occurs 28-14 days before the halving. And it would account for the fact that pre-halving retracements transition into post-halving reaccumulation.
If Bitcoin manages to convert the old all-time high of around $69,000 into new support, this “reaccumulation range” idea would be moot as the price would be poised for price expansion to price discovery. However, if Bitcoin is unable to convert around $69,000 into support before the halving, this reaccumulation area could become a reality and would be consistent with historical price trends surrounding the halving.”
Bitcoin is trading at $69,847 at the time of writing, down slightly in the last 24 hours.
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