Pseudonymous analyst Dave the Wave, known for accurately predicting the May 2021 crypto market meltdown, is now forecasting new all-time highs for Bitcoin (BTC).
With a following of 139,000, Dave the Wave has gained a reputation for his insightful analysis and use of logarithmic growth curves (LGC) to forecast Bitcoin’s macro highs and lows, while filtering out short-term volatility.
Read Also: Fundstrat’s Tom Lee Sets Over $150,000 Bitcoin (BTC) Price Target. Here’s the Catalyst
Bear Market Expected to Last Throughout 2023
Dave the Wave believes that BTC’s current bear market and correction from its 2023 high will likely persist until the end of the year.
According to his LGC model, Bitcoin is currently positioned near the bottom. Dave the Wave suggests that BTC could experience further decline until next year. However, he believes the flagship crypto is currently in the “buy zone.”
Some persepective on the #btc macro:
1] Chart showing the steepness of price relative to the LGC and corrections
2] Recent move up recovered a full 50% of the previous correction
3] This correction may last through to the end of the year – 50% fib time extension
4] Possible… pic.twitter.com/3vR7nisFQo
— dave the wave🌊🌓 (@davthewave) August 18, 2023
Timeline for Bitcoin’s Rise to New Highs
Despite the ongoing correction, Dave the Wave predicts that Bitcoin (BTC) has the potential to make a strong comeback. He forecasts that the cryptocurrency could surpass $69,000 and achieve new all-time highs by the middle of 2024.
To support his claim, Dave the Wave presents several key points outlining the progression toward this milestone:
- Chart showing the steepness of price relative to the LGC and corrections
– Provides a visual depiction of Bitcoin’s price movements and corrections to highlight its current trajectory.
- Recent move-up recovered a full 50% of the previous correction
– Indicates that Bitcoin’s recent upward movement managed to recoup half of the previous correction, suggesting a positive trend.
- Correction expected to continue until the end of the year
– Dave the Wave anticipates the ongoing correction to last until the end of 2023, aligning with the 50% Fibonacci time extension.
- Possible target Fibonacci levels for this correction
– Identifies potential levels at which Bitcoin’s correction may stabilize based on Fibonacci retracement levels.
- The line to watch for the eventual break upward
– Highlights a specific trend line that investors should monitor, as a breakout above this line could signify a significant upward movement.
- Potential for another move-up after the correction
– Dave the Wave suggests that following the correction, Bitcoin could experience another similar upward surge, leading to all-time highs by mid-next year.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Analyst Warns of a Bull Trap, States Why He Thinks Current Bitcoin Price Rally Is Unsustainable
Positive Indicators Support Bitcoin’s Future Performance
Besides the LGC model, Dave the Wave points to the monthly moving average convergence divergence (MACD), a long-term momentum indicator, as a positive sign for Bitcoin’s future. The MACD has recently crossed bullishly and is poised just below the zero line, further reinforcing the potential for BTC’s resurgence.
With Bitcoin currently trading at $26,035, according to the latest data on CoinMarketCap, Dave the Wave believes that the current price presents a reasonable investment opportunity for those who seek exposure to BTC.
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