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Crypto Analyst Predicts Bitcoin To Surge To $200,000 By 2025

Published Dec 03, 2023 19:02 Updated Dec 03, 2023 20:10
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© Reuters. Crypto Analyst Predicts Bitcoin To Surge To $200,000 By 2025
 
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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.

The crypto analyst said that widespread expectations could lead to an earlier realization of this milestone, possibly within a year.

“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.

Also Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'

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.

At the time of writing, Bitcoin was trading at $39,589.44, up by 7% in the last seven days.

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

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Crypto Analyst Predicts Bitcoin To Surge To $200,000 By 2025
 

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