A prominent cryptocurrency trader has recently suggested that the price of the flagship cryptocurrency Bitcoin ($BTC) could soon surge by over 95% to reach its all-time high at around $69,000 per token.
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 140,000 followers, analyst Dave the Wave, who is well known for accurately predicting Bitcoin’s top level back in 2021, noted that a rally to BTC’s previous all-time high this quarter is “not unthinkable.”
A run to previous #btc highs this last quarter is not unthinkable. pic.twitter.com/INesJPY9ov
— dave the wave🌊🌓 (@davthewave) November 9, 2023
Dave the Wave bases his prediction on the behavior of Bitcoin against the Logarithmic Growth Curve (LGC) indicator, which he uses to chart its progress. This indicator is known for identifying the major highs and lows of an asset, while reducing the impact of volatility and noise.
The analysis indicates that Bitcoin is poised to break out of the upper boundary of this indicator, a pattern that often leads to a sharp price increase. Dave the Wave has also recently referenced Bitcoin’s historical performance, specifically the period leading up to the 2020 halving event.
Dave noted that in the previous “mini parabola run” before this halving, Bitcoin’s value surged from about $3,300 to roughly $14,000, marking a 324% increase. Bitcoin’s next halving event is set to occur in April 2024 and is historically seen as a bullish event.
Notably Markus Thielen, the head of research and strategy at crypto financial services firm Matrixport, reportedly conveyed to clients recently that Bitcoin’s performance this year could be a reliable indicator of its year-end position.
Per the analysts at Matrixport there’s a 71% chance that Bitcoin could endure a Santa Claus Rally to finish the year “higher with average year-end rallies of +65%.”
Featured Image via Unsplash
