A trader known for his accurate predictions in the past claims that Bitcoin (BTC) is poised for a massive upward move.
May 2021 Bitcoin (BTC) Analyst who correctly predicted its collapse and known by the nickname Dave the Wave said that Bitcoin could rise more than 420% from its current value. told. According to the analyst, Bitcoin has bottomed and the real question at this point is how high BTC can go.
“With a consensus that the BTC bottom is forming, the question that comes up more and more is what the next high might be.”
The trader shared his chart that predicts a BTC target of $157,512 by 2025. The analyst’s forecast is based on the logarithmic growth curve (LGC). LGC is a model that the analyst uses to predict Bitcoin’s bullish and bearish cycles amid changing macroeconomic conditions.
According to Dave the Wave, Bitcoin has bottomed out at $27.042 (.382 Fibonacci retracement level), similar to the price pattern that led to a multi-year Bitcoin run in 2016.
On the other hand, in May, the trader said that strong support levels for BTC are between $22,000 and $26,000. And earlier this month, he warned against being overly cautious as Bitcoin is trading at around $25,000.
Bitcoin has passed $30,000 again after a long hiatus and is trading at $30,113 at press time.
You can follow the current price action here.