A veteran trader known for accurately calling the crypto market collapse of May 2021 believes Bitcoin (BTC) is gearing up for an explosive move.
Pseudonymous cryptocurrency analyst Dave the Wave has shared his analysis on Bitcoin (BTC), suggesting that the flagship digital asset is setting up for an explosive move.
According to Dave the Wave, BTC has been trading in a narrow range, which could lead to a breakout. He also shared a chart using his version of the logarithmic growth channel (LGC) curve, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.
“BTC closing in on the shorter-term target on the chart for some time now. With price coiling, wouldn’t be surprised to see an even greater move in the upper half of the LGC [logarithmic growth] channel.”
His chart suggests that a move closer to the upper bound of the LGC channel would repeat a similar pattern that occurred at the top of the 2021 bull market cycle.
In another post, the analyst shared a chart of Bitcoin Fibonacci extension levels, suggesting that BTC may rally to $190,000.
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
“One to post to those promoting regular [non-diminishing] BTC returns – the Fib comp shows the possibility of just the one more level to go.”
Bitcoin is trading at $106,124 at the time of writing, showing no significant change over the past 24 hours.
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