A seasoned trader known for making accurate predictions about the cryptocurrency market has shared his thoughts on the potential maximum price target for Bitcoin (BTC) in this market cycle.
Dave the Wave, a pseudonymous trader with a large following on social media platform X, has presented a chart using his own version of the logarithmic growth channel (LGC) curve. This curve aims to forecast Bitcoin’s long-term cycle lows and highs while filtering out short-term volatility.
Based on his LGC model, Dave the Wave suggests that Bitcoin could reach a peak of up to three times its current price, which would be around the $205,000 mark.
He notes that Bitcoin’s price has historically been relatively close to previous highs during halvings. However, this time around, there has been a fourfold increase from the bottom compared to the previous threefold increases. This indicates that the price may be ahead of schedule relative to the halving.
According to Dave the Wave, his LGC model indicates a maximum potential increase of three times the current price. He also suggests considering trading the additional volatility of alternative cryptocurrencies against the USD in order to secure profits while holding onto Bitcoin for the long term.
In the short term, Dave the Wave observes that Bitcoin is approaching a level of ascending diagonal support, which has previously served as a strong support for the cryptocurrency.
At the time of writing, BTC is trading at $67,702.
Please note that The Daily Hodl does not provide investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl also does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor.
