Christmas Bitcoin Rally Imminent, Says Analyst Who Accurately Predicted May 2021 Crypto Crash – Here’s His Outlook
A cryptoanalyst who correctly called Bitcoin’s (BTC) collapse last year predicts a Santa Claus meeting for the royal crypt.
Pseudonymous analyst Dave the Wave tells his 131,100 Twitter followers that Bitcoin appears to be taking out the horizontal resistance of an ascending triangle pattern.
“BTC Xmas rally on the cards…”
At the time of writing, Bitcoin is trading hands at $17,046, suggesting a potential upside of over 11% if BTC reaches the analyst’s target of $19,000.
Looking at Bitcoin from a higher time frame, Dave the Wave says that BTC presents an “optimal” opportunity for long-term bulls based on his Logarithmic Growth Curve (LGC) model.
“Looked at soberly, without the previous great expectation … and without the aftereffects of great disappointment, current prices are both normal and optimal for Bitcoin for those interested in risk and reward.”
The LGC model is the analyst’s attempt to predict the cyclical highs and lows of Bitcoin amid changing macroeconomic conditions. Dave the Wave has repeatedly said that BTC is currently in the “buy zone” of the model despite the extreme bearish sentiment among market participants.
Another cryptoanalyst Credible also believes that Bitcoin is preparing for a bullish continuation. The analyst tells his 336,200 Twitter followers that BTC is likely to rally towards his target of $19,000.
“No change in my expectations. Still looking for $19,000. BTC has formed a nice tight consolidation here after a clean impulse on the low time frame. May drop to $16,000 first to take out these built-up lows, but still expect continuation up after that.”
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Featured image: Shutterstock/Mia Stendal
