As the leading cryptocurrency continues to show strength, analysts are looking more optimistic about its future. One of them is an analyst who correctly predicted the crypto market correction in May 2021. The analyst suggests that if all goes well, Bitcoin (BTC)’s market structure is now potentially on track to approach the $200,000 mark.
When will Bitcoin price reach 200 thousand dollars?
cryptokoin.comAs you follow from , the leading cryptocurrency Bitcoin continues to remain above $ 38 thousand. Moreover, it is winking at 40 thousand dollars. However, it currently continues its flight with a slight loss of altitude. Meanwhile, analyst nicknamed ‘Dave the Wave’ says Bitcoin’s moving average convergence divergence (MACD) indicator on the monthly chart indicates strong bullish momentum for BTC. Analysts traditionally use the MACD to detect trend reversals and confirm trends. Based on this indicator, Dave the Wave writes, “Bitcoin has printed another histogram on its monthly MACD. How many people expect something like this?” says.
Looking at the analyst’s chart, it appears that Dave the Wave predicts BTC will rise above $200,000 by December 2025. With the Bitcoin price on the rise, the analyst says there will be a lot of consensus on BTC. He also notes that this will open up the possibility of BTC reaching this goal much earlier than the initial timeline. In this context, the analyst makes the following statement:
Seems to me like there’s a bit of a problem here. BTC looks good from a technical perspective, but if most people are expecting it, this becomes problematic (from the contrarian perspective). Maybe he will run one year ahead!
BTC is very close to leaving this critical zone!
Dave the Wave uses its own version of logarithmic growth channels (LGCs), which aim to roughly reflect the highs and lows of Bitcoin’s long-term market cycles while filtering out short-term fluctuations. According to the analyst, Bitcoin has been in the “buy zone” of LGC for almost a year and a half. However, it is now very close to exiting this region. Based on this, the analyst makes the following comment:
BTC price has been in the LGC buy zone for about a year and a half, that is, 17 months. I wonder how many more months there are… Shaded area on the chart since 2018.
Meanwhile, at the time of writing, Bitcoin was trading at $38,748, with a slight gain on a daily basis. BTC stands in the 2.6% green zone on its weekly chart. Additionally, it gained over 12% on its monthly chart.
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