Analyst who correctly predicted the May 2021 crash, bitcoin He made a meteoric rise forecast for Here are the details.
The analyst, known by the nickname Dave the Wave, shared the ‘logarithmic growth curve (LGC)’ chart on his Twitter account. The analyst predicted that according to the LGC model, the price of Bitcoin would reach $350,000 by December 2027.
Dave the Wave LGC model shared its comment. The analyst thinks the model is designed to follow the long-term uptrend of Bitcoin in changing macroeconomic conditions.
The crypto strategist also underlined that the LGC model has survived despite fluctuations in investor sentiment.
The model’s highest range has served as historical resistance since 2018. The chart also shows that the lower bound of the pattern is currently acting as support, despite the sharp bearish trend in BTC.
Koinfinans.com As we reported, he stated that according to the analyst, LGC may keep investor expectations more in line with the markets during periods when the Bitcoin price is trading close to the upper or lower limit of the model.
“It’s easy to say ‘up and down’ when you’re at the top and ‘down down’ when you’re at the bottom. It is not so easy to say down at or near the top, and up at or near the bottom. LGC is fixing that.”
At the time of this writing. Bitcoin is trading at $17,000 and is hovering just above the support level of the LGC pattern.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.