Analyst who called Bitcoin Bottom last year says all times for BTC in 2023 realistic – here’s why
A cryptoanalyst known for making the right calls for Bitcoin (BTC) several times over the past few years says it is within the realm of possibility for the crypto king to rise to a new all-time high this year.
Pseudonymous analyst Dave the Wave tells his 138,000 Twitter followers that Bitcoin’s price action has behaved in a symmetrical pattern over the past few years, trading in a wide range between 2021 and 2023.
Dave the Wave uses logarithmic growth curves (LGCs) in his technical analysis, which aims to predict the long-term highs and lows of each market cycle. According to the analyst, if BTC’s recent symmetrical price action continues, an all-time high (ATH) this year would not be out of the question when considering the trajectory of LGC.
“IF the symmetry continued, BTC pushed to ATHs (all-time highs) this year, which would still only reach the middle of the LGC channel.
For those who object to the use of ‘IF’, please realize that critical and speculative TA (technical analysis) is not clairvoyance. TA maps the risks for both sides.”
Dave the Wave provides a possible scenario where BTC “mirrors” the previous two years of price action, reaching the $70,000 level by the end of 2023.
“The Mirrored Formation.”
The popular analyst is also keeping a close eye on Ethereum (ETH), and he shares two charts that suggest the leading smart contract platform may be following in the footsteps of BTC’s recent price action.
“You know I love BTC… but I also really like ETH.
Remember, you don’t have to marry a coin.”
At the time of writing, BTC is trading at $30,404, while ETH is worth $2,101.
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Featured image: Shutterstock/Zaleman/Nikelser Kate
