A trader known for several amazingly accurate calls in the crypto space says Bitcoin (BTC) is gearing up for its next upside.
The pseudonymous analyst known as Dave the Wave tells his 138,000 Twitter followers that Bitcoin is currently consolidating within the “buy zone” of its logarithmic growth curve (LGC).
Dave the Wave’s LGC aims to estimate Bitcoin’s highs and lows throughout its lifetime, while ignoring short-term volatility. According to the analyst’s “buy zone,” anything roughly below $31,000 is still a good deal for BTC.
“Further consolidation?
Lots of technical support in the BTC LGC buy zone.”
The closely followed analyst say that based on its current market structure, the next major milestone for BTC, which could also mark a breakout from its consolidation channel, is $32,000.
“Technically a good looking BTC picture…. and still in the LGC buy zone.
The next milestone to cross – 32K.”
Dave the Wave says that if the price continues to climb past the same support level as it is now, a conservative price target by the end of the year would be around $40,000.
“Meanwhile, the BTC price is struggling.
If the current trend is observed until the end of the year, looking at 40K odd…
By the way, and that would be the bottom of the current channel…”
At the time of writing, Bitcoin is trading at $26,889, down 2% on the week.
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