Trader Predicts Bitcoin Could Hit $205,000 This Cycle
A seasoned crypto trader known for his accurate predictions has shared his thoughts on Bitcoin's potential peak for this market cycle.
The pseudonymous trader, Dave the Wave, uses his own logarithmic growth channel (LGC) model to forecast Bitcoin’s long-term trends while ignoring short-term fluctuations.
#btc price has always been relatively close to previous highs at the time of halvings.
Of interest, this time round, is the 4x off the bottom as compared to the previous 3xs. This suggests some front-running of price relative to the halving.
The LGC model suggests a max of 3x… pic.twitter.com/1LeWf9wxLz
— dave the wave🌊🌓 (@davthewave) May 29, 2024
Dave suggests that Bitcoin could potentially reach a high of around $205,000, which is roughly three times its current price.
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He notes that historically, Bitcoin’s price tends to be close to previous highs around the time of halvings. This time, the price seems to be front-running the halving event, suggesting an even higher peak.
He explains, “The LGC model points to a maximum of three times the current price. It’s also a good idea to trade the extra volatility of altcoins against the USD for profits while holding onto Bitcoin for the long term.”
In the near term, Dave highlights that Bitcoin is nearing an ascending support level that has consistently provided strong backing for its price. He points out, “Bitcoin is once again approaching a historically strong support level.”
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.
