bitcoin Known for knowing its price often correctly, Dave the Wave shared his new forecast for 2023. The analyst is of the opinion that it is possible for BTC to reach peak prices this year.
Dave the Wave stated that Bitcoin price action has been moving in a “symmetrical” pattern in recent years. Therefore, a very wide range between 2021 and 2023 draws attention.
The analyst uses “logarithmic growth curves (LGC)” to measure the long-term highs and lows of each market cycle based on technical analysis. According to the analyst, if Bitcoin’s recent symmetrical price action continues, the all-time high (ATH) will not be reached this year given LGC’s trajectory.
If the symmetry continues, BTC could hit an all-time high this year, which will only reach the middle of the LGC channel. Those who object to the use of the ‘IF’ statement, please be aware that critical and speculative technical analysis is not prophecy. Technical analysis maps the risk for both parties.
NEWS CONTINUES BELOW
Dave the Waveshared a possible scenario where BTC “reflects” the previous two years of price action and hits $70,000 towards the end of 2023.
Koinfinans.com As we reported, the popular analyst also stated that he follows Ethereum (ETH) closely. He shared two charts suggesting that the leading smart contract platform could follow in the footsteps of BTC’s recent price action.
You know I love BTC… but I also really love ETH. But remember, you never have to be hooked on a coin.
You can follow the current price action here.