Bitcoin Ready to Shine: Trader’s Analysis Signals Promising Outlook
A trader well-known for making accurate predictions in cryptocurrency suggests that Bitcoin (BTC) is gearing up for its next upside target.
According to this trader, who goes by the pseudonym Dave the Wave, Bitcoin is currently consolidating within the “buy zone” of a logarithmic growth curve (LGC) that he uses to estimate Bitcoin‘s long-term highs and lows.
Further consolidation?
Plenty of technical support in the #btc LGC buy zone. pic.twitter.com/PXPvk08kME
— dave the wave🌊🌓 (@davthewave) May 21, 2023
Based on his analysis, the trader believes that anything below $31,000 is still a great deal for BTC.
The trader further points out that there is plenty of technical support within the BTC LGC buy zone, indicating a strong foundation for Bitcoin’s price. Based on the current market structure, the next significant milestone for BTC, which could potentially lead to a breakout from its consolidation channel, is identified as $32,000.
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Regarding the overall technical outlook, the trader describes Bitcoin’s picture as good-looking and highlights that it is still within the LGC buy zone. According to the trader, the next cross target is $32,000.
Btw, and that would be the bottom of the current channel… pic.twitter.com/wtYyBc0Hc9
— dave the wave🌊🌓 (@davthewave) May 15, 2023
If Bitcoin’s price continues to follow the same support level, the trader suggests a conservative price target of approximately $40,000 by the end of the year. This projection is contingent upon the ongoing trend being maintained.
As of the time of writing, Bitcoin is trading at $26,889, representing a 2% decline over the week.