Dave the Wave, which is popular among analysts in the cryptocurrency markets, attracted renewed attention with his prediction that Bitcoin could rise at double-digit rates in the remaining weeks of 2023. This prediction includes the possibility of Bitcoin rising above its current record high of $69,000. In this assessment, Dave the Wave argues that the crypto asset could reach double digits, an increase of approximately 87 percent from the current level. Here are the details…
Dave the Wave says it’s not “impossible” for Bitcoin to rally to record high just above $69,000 told. The underlying factor behind Dave the Wave’s ambitious forecast is his customized Logarithmic Growth Curve (LGC) indicator.
The crypto analyst believes that the LGC indicator is an effective tool in analyzing Bitcoin’s price movements. Examining its chart, it appears that Bitcoin is currently trying to break through the upper limit of the LGC indicator. This can often be interpreted as a signal indicating price increases.
The LGC indicator is used for the purpose of reducing volatility as well as determining the macro highs and lows of an asset. According to Dave the Wave, Bitcoin breaking the upper limit of the LGC indicator could improve the cryptocurrency’s overall stability and potentially trigger a significant rally.
Dave the Wave had previously said that Bitcoin could experience a rally, just like before the 2020 halving event. According to the crypto analyst, the “mini parabola run” right before the 2020 halving event saw the Bitcoin price rise from $3,300 to $14,000, a 324% increase.
Koinfinans.com As we reported, the next Bitcoin halving event is expected to occur in April 2024.
Bitcoin is trading at $36,840, up just over 33% in the last 30 days and over 100% year-to-date.
You can follow the current price movement here.