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25 June 2024
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Trader That Called May 2021 Crypto Collapse Updates Bitcoin Outlook, Says BTC ‘Still on Track’ for Bull Market

A trader known for several accurate crypto market calls says that Bitcoin (BTC) remains in a bullish market trend.

Pseudonymous analyst Dave the Wave tells his 146,500 followers on the social media platform X that as long as Bitcoin remains above an ascending diagonal level, the crypto king is still poised to print fresh all-time highs (ATHs).

“BTC still on track.”

Source: Dave the Wave/X

The analyst says that Bitcoin could still fall lower than its current value and remain in an uptrend provided that it stays above a diagonal support that has kept BTC bullish since October 2023.

“Plenty of wiggle room for BTC price yet. Dashed diagonal line the weightier one here.”

Source: Dave the Wave/X

The analyst also predicts a market top for Bitcoin in December 2025 by 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.

“If you subscribe to the BTC four-year cycle theory, then it may not help you much with the top (again). However, if you subscribe to the LGC theory, it may once again be useful.”

Source: Dave the Wave/X

Looking at his chart, the analyst suggests Bitcoin could hit the top of the LGC model and soar above $300,000 at the end of 2025.

Bitcoin is trading for $68,654 at time of writing, down slightly in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Trader That Called May 2021 Crypto Collapse Updates Bitcoin Outlook, Says BTC ‘Still on Track’ for Bull Market appeared first on The Daily Hodl.

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