A crypto analyst who got the Bitcoin (BTC) crash right last year predicts a huge surge for king crypto. The popular analyst is pointing to the $160,000 level for BTC. The expert name uses the logarithmic growth curve (LCG) application in his analysis. Here are the details…
Analyst points to $160,000 for Bitcoin
The analyst, known in the industry as Dave the Wave, tells his 131,900 Twitter followers that based on the logarithmic growth curve (LGC) model, Bitcoin could soar to $160,000 by January 2025. He stated that LGC has stood the test of time of four years. The analyst used the following statements:
Based on LGC that has stood the test of time for four years, BTC could easily do 10x in the next few years…
As we reported, the LGC model is the analyst’s attempt to predict Bitcoin’s cyclical ups and downs amid changing macroeconomic conditions. According to the crypto strategist, LGC and his forecast remain valid as long as Bitcoin stays above the support of the model on a multi-month basis. The analyst used the following statements:
As for when LGC might be overridden by future price – there could be a multi-month close significantly below the base curve as it is a macro pattern.
Correction rates are increasing
Dave the Wave also says that the LGC pattern continues to monitor Bitcoin’s price action despite the gloom and pessimism surrounding the crypto markets. So far, the base of Bitcoin’s LGC has proven to be the price’s best support, according to the analyst. It is stated that the 23, 38, 50 percent incremental correction of the cycles was seen implicitly in the chart a year ago. He also believes that the baseline of the pattern will continue to act as support, just as the LGC top served as resistance in the last bull market. The analyst used the following statements:
The previous ‘bubble’ has effectively ‘burped’. It’s actually quite something else. Where speculative excess culminates in a series of dotted peaks, the corrections serve to provide a kind of baseline, and this baseline represents a logarithmic growth curve.
At the time of writing, Bitcoin is changing hands at $16,557, with a partial drop on the day. BTC, the largest cryptocurrency with a market value of 318 billion dollars, has not changed much in the last 7 days. The coin has lost 1.8 percent in the past week. In the last 24 hours, it lost 0.2 percent in value. As we enter the new year, investors seem to have moved away from the cryptocurrency space. Meanwhile, Dave the Wave made some important predictions, as we reported on Cryptokoin.com. As we reported earlier, the analyst correctly guessed the collapse in the Bitcoin (BTC) and crypto market last year.