A cryptoanalyst who spotted Bitcoin’s (BTC) collapse last year is predicting a massive rise for the crypto king.
The analyst known in the industry as Dave the Wave tells his 131,900 Twitter followers that based on his Logarithmic Growth Curve (LGC) model, Bitcoin could rise to $160,000 by January 2025.
“On the basis of LGC, which has stood the test for four years, BTC can easily do a 10x in the next couple of years…”
The LGC model is the analyst’s attempt to predict the cyclical highs and lows of Bitcoin amid changing macroeconomic conditions.
According to the crypto strategist, LGC and his prediction stay valid as long as Bitcoin stays above the support of the model on a multi-month basis.
“When LGC can be invalidated by future price – a multi-month close significantly below the base curve as it is a macro model.”
Dave the Wave also says the LGC model continues to track the price action of Bitcoin despite the gloom and doom surrounding the crypto markets.
“So far, the base of BTC LGC has proven to be the best support for price.
The increasing real correction of the cycles [23% – 38% – 50%] is implicit in the chart from a year ago…
Breaking? Rather confirms.”
He too mean the baseline of the model will continue to act as support just as the top of the LGC acted as resistance during the last bull market.
“The previous ‘bubble’ has effectively ‘popped’. It’s something else altogether. Where the speculative excess culminates in a series of punctuated peaks, the corrections serve to provide a sort of baseline, with this baseline representing a logarithmic growth curve.”
At the time of writing, Bitcoin is changing hands for $15,507, a fraction of the day.
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