Bitcoin Poised for Major Breakout, Predicts Veteran Trader
A seasoned trader known for predicting the May 2021 crypto downturn is now forecasting a major Bitcoin (BTC) breakout.
Dave the Wave highlighted a chart suggesting Bitcoin is poised for a significant surge. He points out that the current pattern mirrors one seen before a major rally in late 2020.
#BTC pic.twitter.com/34b4zbh56I
— dave the wave🌊🌓 (@davthewave) September 3, 2024
Dave the Wave also discusses his proprietary logarithmic growth channel (LGC) model, which is designed to gauge Bitcoin’s long-term highs and lows by smoothing out short-term fluctuations.
#btc bull markets climb a wall of worry…. unless you’ve got the LGC model to go by.😎 pic.twitter.com/cp3qd3fazs
— dave the wave🌊🌓 (@davthewave) September 4, 2024
His analysis indicates that Bitcoin’s current market cycle is still on an upward trajectory.
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He notes, “BTC bull markets often advance amid uncertainty, but the LGC model provides clarity.”
Furthermore, the analyst observes that Bitcoin’s one-year moving average is currently providing strong support, a factor that has historically preceded substantial price increases.
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.
