Trader That Called May 2021 Crypto Collapse Unveils Potential Max Target for Bitcoin Bull Market Top
A veteran trader with a history of several accurate macro crypto calls is revealing what he thinks could be the maximum upside price target for Bitcoin (BTC) this market cycle.
Pseudonymous trader Dave the Wave shares with his 146,000 followers on the social media platform X a chart using his version of the logarithmic growth channel (LGC) curve, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.
According to the trader, his LGC model is suggesting that Bitcoin’s current market cycle could peak out somewhere around a maximum of 3x above current prices, or roughly the $205,000 level.
“BTC price has always been relatively close to previous highs at the time of halvings.
Of interest, this time round, is the 4x off the bottom as compared to the previous 3xs. This suggests some front-running of price relative to the halving.
The LGC model suggests a max of 3x from here. Also why you might want to consider trading the extra volatility of alt/ USD in order to take some profits while continuing to sit on BTC for the longer term.”
Source: Dave the Wave/X
In the shorter term, Dave the Wave says that Bitcoin is currently approaching an ascending diagonal level that has in the past acted as a strong support for BTC.
“BTC price closing in yet again on what has acted as strong support…”
Source: Dave the Wave/X
At time of writing, BTC is trading at $67,702.
Generated Image: DALLE3
