Bitcoin Poised for Breakout, Veteran Trader Predicts $190K Target
A well-known trader who accurately predicted the May 2021 crypto market downturn is now suggesting that Bitcoin (BTC) may be preparing for a significant surge.
The analyst, known as Dave the Wave, states that Bitcoin is currently experiencing a period of tight price movement, which could lead to a major breakout.
#btc closing in on the shorter term target on the chart for some time now.😎
With price coiling, wouldn’t be surprised to see an even greater move in the upper half of the LGC [logarithmic growth] channel. pic.twitter.com/aF8nTpB3zi
— dave the wave🌊🌓 (@davthewave) December 15, 2024
He posted a chart featuring his unique version of the logarithmic growth channel (LGC) model, which helps to identify long-term Bitcoin price trends while filtering out short-term fluctuations.
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According to Dave, Bitcoin is nearing its short-term target within the channel. Given the current consolidation, he expects a substantial move toward the upper range of the LGC, reminiscent of the upward surge seen during the 2021 bull market peak.
One to post to those promoting regular [non-diminishing] #btc returns – the fib comp shows the possibility of just the one more level to go.
Article coming. https://t.co/TTKVnmtihO
— dave the wave🌊🌓 (@davthewave) December 17, 2024
In addition, Dave pointed to Bitcoin’s Fibonacci extension levels, which suggest the possibility of the cryptocurrency reaching $190,000.
Fibonacci extensions are widely used by traders to predict potential price targets based on key ratios, and Dave highlighted that this chart signals a possible final upward move in the current cycle.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
