Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
A renowned crypto analyst, Dave the Wave, is projecting a surge in Bitcoin's (CRYPTO: BTC) value, with the cryptocurrency potentially surpassing $200,000 by December 2025. This optimistic forecast, however, comes with a caveat.
In a post on X on Friday, the analyst shared that Bitcoin’s moving average convergence divergence (MACD) indicator on the monthly chart signals bullish solid momentum.
“Another histogram on the BTC monthly MACD printed. How many are expecting something like this?” he said in the post.
Another histogram on the #BTC monthly MACD printed.The crypto analyst said that widespread expectations could lead to an earlier realization of this milestone, possibly within a year.How many are expecting something like this? pic.twitter.com/tuDIFZopZb
— dave the wave (@davthewave) December 1, 2023
“Seems to me a bit of a problem here. On a technical basis, it looks fine, but if most are expecting it, this becomes problematic, from the contrarian perspective," he added in a subsequent post.
Seems to me a bit of a problem here.Also Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'On a technical basis it looks fine, but if most are expecting it this becomes problematic [from the contrarian perspective].
Perhaps it will be front-run by a year...
— dave the wave (@davthewave) December 1, 2023
Dave the Wave uses a personalized iteration of logarithmic growth channels (LGCs) designed to provide a broad projection of Bitcoin's long-term market cycles and filter out transient volatility.
As per the analyst's assessment, Bitcoin has been within the LGC's "buy zone" for approximately 18 months, and there are indications that it is on the verge of a breakout.
“BTC price in the LGC buy zone now for nearly one and a half years, 17 months. How many more months I wonder," he said in a post last month.
#BTC price in the LGC buyzone now for nearly one and a half years, 17 months. How many more months I wonder...At the time of writing, Bitcoin was trading at $39,589.44, up by 7% in the last seven days.Shaded zone on the chart since 2018. pic.twitter.com/F5QmtD4Ejg
— dave the wave (@davthewave) November 30, 2023
On Saturday, Bitcoin soared to $39,000 per coin, a level not seen since April 2022. According to reports, the recent uptick in Bitcoin's price is partly attributed to the growing optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund by the U.S. Securities and Exchange Commission.
Now Read: Bitcoin Set To Break $40,000 Barrier, Says Crypto Expert: 'It Looks Like It Is Just A Rising Floor'
Photo: Shutterstock
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