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Technical Analysis

Bitcoin Ready to Shine: Trader’s Analysis Signals Promising Outlook

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.

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.


READ MORE: Elon Musk Issues a Warning About Investing in Dogecoin


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.

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.

Author
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.

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