Trader who called Bitcoin Turnaround reveals BTC price target for December 2024
A popular crypto trader who accurately called Bitcoin’s 2023 turnaround predicts BTC’s next cycle high, which he estimates for late 2024.
In a new interview on the Wealth99 YouTube channel, pseudonymous trader Dave the Wave says the royal crypt could reach nearly $200,000 by the end of next year.
Dave the Wave is known for using logarithmic growth curves, which plot Bitcoin’s long-term price action by estimating the peaks and troughs of multi-year market cycles.
“December has traditionally been a good boom [month] correctly, so that the peak would settle at the end of the year. And price, I don’t know if it will hit the top of that channel – in the past it didn’t – so I’m kind of thinking $180,000…
It is still a thousand percent from the bottom. Realistically, if someone bought in the ‘buy zone’ here… It’s still 7X. That’s pretty good. And remember that even with the correction, the price may fall, but the LGC curve is rolling upwards.”
Dave the Wave says he usually doesn’t try to trade BTC’s short-term moves, but remains confident in its long-term cycles between the bottom and top of the LGC channel. Currently, BTC is exiting its “buy zone” on the LGC chart.
“I would just add that I can speculate on the direction of the price. I am more confident that the price will remain in this channel without giving a specific track in that channel.”
The closely followed analyst turned bullish on Bitcoin late last year, when he said a “historic” indicator was finally flashing green. BTC is trading at $27,943 at the time of writing, up around 70% since Dave the Wave called in late December 2022.
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Featured image: Shutterstock/Vadim Sadovski
