A crypto analyst who gained popularity by accurately predicting the crypto crash of May 2021 has outlined a realistic way for the Bitcoin (BTC) price to track its all-time highs.
The analyst, nicknamed Dave the Wave, tells his 105,000 followers on Twitter that he envisions a potential scenario where Bitcoin will trade within a certain range over the next year before breaking the $70,000 mark by the end of 2023. told.
“Bitcoin is going forward, something like this wouldn’t surprise me…”
Based on Dave the Wave’s chart, it can be said that Bitcoin price will reach a cycle peak of around $200,000 in May or June of 2024.
In the short term, however, the senior crypto analyst thinks that Bitcoin is currently working to form a bottom. However, Dave the Wave compared BTC’s current price action to 2018. At that time, Bitcoin price broke out of a descending triangle pattern before bouncing off the 200-week moving average. By comparison, BTC may already be in the process of bottoming out and finding support.
“It helps to step away from the chart and look at something like the weekly Bitcoin chart. Comparison is not everything, but neither is it anything.”
Besides these, Dave the Wave also tracks the moving average convergence divergence (MACD) on the monthly chart. According to the crypto analyst, the MACD used to detect trend reversals may reach a support area by the end of the month. Additionally, BTC is trading above the key 0.382 Fibonacci level, an area where Bitcoin bottomed out in the 2014 and 2018 bear markets.
“Based on *this metric*, the logarithmic version of the monthly MACD that I use almost forever to good effect, the Bitcoin low looks pretty good.”
You can check the price movements 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.