Crypto Trader Issues Bitcoin Warning – Where is BTC headed?
An experienced trader known as Dave the Wave has issued a cautionary message to Bitcoin (BTC) enthusiasts regarding overly optimistic price predictions.
Instead of relying on straight diagonal resistance lines with astronomical targets, Dave the Wave advocates for the use of logarithmic growth curves (LGCs) to assess Bitcoin’s potential trajectory.
By applying LGCs, Dave the Wave predicts that Bitcoin‘s volatility will decrease over time, leading to smaller rallies and corrections.
Beware the #btc charts with longer-term projected straight lines, channels and parallels that will proliferate for price targets in the next bull run.
Exactly what led most astray last time.😎 pic.twitter.com/fUJy1zVojz
— dave the wave🌊🌓 (@davthewave) July 21, 2023
He emphasizes that the LGC model is more suitable for estimating the cryptocurrency’s long-term highs and lows while disregarding short-term fluctuations.
According to Dave the Wave’s chart, Bitcoin could potentially reach above $200,000 before the end of 2026.
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Despite BTC’s current relatively high price, he believes that it still presents opportunities for long-term investors, particularly as it hovers around the $30,000 mark.
Yes, price is relatively high.
But #btc still in the LGC buy-zone for investors. pic.twitter.com/dJt5o5tNua
— dave the wave🌊🌓 (@davthewave) July 18, 2023
Dave the Wave has previously suggested that Bitcoin’s bottom has likely been reached, and now the focus is on how high it can climb. His chart projects a $157,512 Bitcoin price by 2025.
As of the time of this writing, Bitcoin is being traded at $29,843.
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.
