Bitcoin price performed strongly in the first few weeks of the year. In recent days, the increase has decreased a little. However, for the next few months, the majority is expecting an uptrend. So, will the Bitcoin price rise even higher in the coming months? Here is the prediction of the famous analyst Dave the Wave about BTC…
How has Bitcoin performed recently?
Even before the end of 2022, we saw very little movement in the market. However, after the strong increases in Bitcoin price in the first 2-3 weeks of 2023, the mood in the market improved again. The price has soared from $16,500 at the beginning of the year to $23,000 in the past few days. The rise started to move slowly above $17,000. Then, the resistance at this level started to break and the price climbed above $18,000. Another rally extended the move above $21,000. After a slight stabilization at this level, Bitcoin price managed to climb above $23,000 again.
The Bitcoin rally has hardly stopped for the past 3 weeks. However, there are those who do not believe that such an uptrend will continue forever as we are still in a bear market. The next few weeks will show whether the Bitcoin price can continue to rise sharply. At least we can compare the situation to 2019. In the bear market at that time, BTC rose from $3,500 to $14,000. Can such a development be repeated? According to some, BTC may see more increases in the next year.
Analyst gives date for $180,000 in BTC
Crypto strategist Dave the Wave, who got the right idea of Bitcoin’s May 2021 crash, says it signals that BTC is poised for a massive upward move. The analyst said that multiple technical indicators are bullish for BTC. The display of weekly MACD in the same area and the price being in the lower band/buy zone are important indicators for positive mood.
Looking at the chart of Dave the Wave, it is seen that Bitcoin exhibits technical movements in the second quarter of 2019. As we mentioned above, in 2019, BTC rose from $ 4,000 to $ 14,000 in a few months. According to the analyst, the MACD, the indicator of the trend change, is currently hovering in the region before the 2019 BTC surge. The histogram, which measures the convergence or divergence of the moving averages, also moves up and up, similar to Bitcoin’s 2019 Q2 setup.
Also, the crypto strategist says that based on the logarithmic growth curve (LGC) model, Bitcoin could explode by 676 percent by 2024. LGC is the analyst’s attempt to predict Bitcoin’s boom and bust cycles amid changing macroeconomic conditions. According to Dave the Wave, the LGC model is designed for long-term Bitcoin investors. The analyst shared the chart below, saying, “A technical target of $180,000 for BTC late next year…”.
Analyst’s previous predictions
cryptocoin.com As we reported, Dave the Wave correctly predicted that Bitcoin would drop to $6,400 in mid-2019. Prior to 2019, the analyst correctly predicted that BTC would rise to $11,000 before returning to $8,000. When the cryptocurrency market started to rally in the past years, he predicted that BTC would rise above $11,000. His most recent prediction is to know about the collapse in May 2021, as we reported above. Bitcoin, the largest cryptocurrency at the time, had dropped from $58,000 to $36,000. $1 trillion was wiped out from the overall crypto market.
