Bitcoin (BTC) Edging Toward Massive Price Target Amid Maturing Market Structure, According to Trader That Called 2021 Crypto Top
An analyst with a history of making timely Bitcoin calls believes that BTC is grinding toward a massive new all-time high as the market evolves.
Pseudonymous analyst Dave the Wave tells his 153,800 followers on the social media platform X that Bitcoin is on track to follow his version of the logarithmic growth channel (LGC) curve and print an all-time high of $220,000.
The LGC curve aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.
He also says Bitcoin may be moving away from the parabolic moves that were indicative of prior cycles.
“Many are now describing the different nature of this BTC cycle. For years, I have predicted the ‘maturing of the market’ with the price action of cycles moving from a parabolic to a more technical nature…
A maturing market not only explains the qualitatively different nature of this cycle but also explains the LGC [logarithmic growth curve] itself.”
Source: Dave the Wave/X
Next up, the analyst says that Bitcoin appears to be locked in a narrow range for now as it trades between $100,000 and $110,000.
“BTC bring it on.”
Source: Dave the Wave/X
Lastly, the analyst says that Bitcoin is showing market strength by continuing to trade above $100,000 on the weekly chart.
“BTC holding up.”
Source: Dave the Wave/X
Bitcoin is trading for $107,083 at time of writing, up 1.9% in the last 24 hours.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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