Bitcoin exploded to an all-time high that is “perfectly doable” in 2023, according to an analyst who predicted a major BTC crash
One analyst who aptly called the major crypto crash of May 2021 says Bitcoin (BTC), which is set to hit its all-time high this year, is not entirely off the table.
Pseudonymous analyst Dave the Wave, who also predicted BTC’s bearish recovery near $20,000, lists four reasons why a BTC rally to its peak of around $69,000 in 2023 is not an unreasonable expectation .
“A move to surpass previous BTC all-time highs this year is entirely doable:
– Less steep upgrade rate
– a lot of time, equal to the decline
– only in the middle of the channel of the logarithmic growth curve
– 25% of the way already”
Source: Dave the Wave/Twitter
The analyst specializes in the use of logarithmic growth curves (LGCs), which aim to map Bitcoin’s long-term fair value over cycles of ups and downs in volatility. Since June 2022, BTC has been in the Dave the Waves LGC “buy zone”. He notes that it bodes well for Bitcoin that the price has been in its “buy zone” for over eight months.
“Perhaps it is positive to see BTC price in the LGC buy zone for an extended period of time…
The ‘easy’ money is received by those who build a position [if not already long]rather than those trying to trade short-term volatility.
Of course that comes with time… and of course with the LGC model which, if held, should always be hedged.”
Source: Dave the Wave/Twitter
While many investors fear the current macro conditions and their potential impact on crypto markets, Dave 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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