The king of cryptocurrencies could hit new all-time highs this year, according to a cryptocurrency analyst known for making many correct predictions about bitcoin over the past few years.
Dave the Wave said that Bitcoin’s price action has been operating in a symmetrical pattern in recent years, while trading in a wide range from 2021 to 2023.
Traders use the Logarithmic Growth Curve (LGC) in technical analysis, which aims to predict the long-term highs and lows of each market cycle. According to analysts, if BTC’s recent symmetric price action continues, prices could hit an all-time high (ATH) this year given the trajectory of LGC.
“If the symmetry continues, BTC will rise to ATH this year, but will still only reach the middle of the LGC channel.
Note that technical analysis (TA) is critical and speculative. TA outlines the risks for both parties. “
source: Dave Po/Twitter
Dave the Wave offers a possible scenario where BTC “mirrors” the price action of two years ago, reaching $70,000 by the end of 2023.
source: Dave Po/Twitter
The popular analyst is also keeping a close eye on Ethereum, sharing two charts that suggest the leading smart contract platform may be following in the footsteps of BTC’s recent price action.
“You know, I like BTC…but I also like ETH very much.
Remember, it is not necessary to stick to 1 coin. “
Source: Dave the Wave/Twitter
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According to Dailyhodl
