Leading cryptocurrency Bitcoin has failed to maintain its position above $52,000 for now. Many analysts predict very high prices for BTC. However, they point to different dates regarding the timing of this. An analyst who accurately predicted the May 2021 crypto market crash predicts a price pattern for Bitcoin in the current market cycle using a model with historical reliability.
“Bitcoin will continue to be traded within LGC in the long term!”
cryptokoin.comAs you follow from , the market’s pace has slowed down for now. The leading cryptocurrency is consolidating below $52 thousand. The analyst, nicknamed Dave the Wave, says he expects Bitcoin to continue trading within the upper and lower bounds of its version of the logarithmic growth curve (LGC). LGC is an investment model that aims to predict the highs and lows of Bitcoin’s market cycle while filtering out short-term volatility.
According to Dave the Wave, Bitcoin is likely to continue trading within the LGC in the long term. The analyst is much more sensible than invalidating the model, which has at least stood the test of time so far. In this context, the analyst makes the following statement:
Speculators in this field can be roughly divided into those who believe in diminishing returns and those who do not. Those who adhere to the principle of DM (diminishing marginal returns) will roughly agree that BTC will follow the channel as drawn in the first chart. Those who reject the principle think that the price exceeded the channel as in the second chart and probably broke to both sides. The first one seems much more rational to me. Because at least it has an empirical and historical basis.
“BTC Fib extension gives $180,000 target”
The analyst first shares a chart that suggests BTC will print higher highs and higher lows over the years while trading within the LGC.
The analyst’s second chart points to a steep corrective move that sends BTC below the lower bound of the pattern. However, before we witness this, it shows that BTC broke above the upper limit of the LGC.
The analyst also predicts a price target of $180,000 for Bitcoin in 2025 using Fibonacci extensions. Analysts use Fibonacci extensions in technical analysis to predict profit targets and price retracements. They are based on Fibonacci ratios. Analyst: “BTC Fib extension gives $180,000 target.” says.
Meanwhile, Bitcoin was trading at $51,390 at press time, gaining 0.17% on a daily basis. However, BTC is still in the red zone on its weekly chart. However, the leading cryptocurrency is in the green zone by over 23% on its monthly chart.
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