It is feasible that Bitcoin (BTC) will reach a new all-time high this year, according to a renowned crypto analyst who has correctly predicted Bitcoin’s (BTC) price multiple times over the past several years.
Pseudonymous analyst Dave the Wave notifies his 138,000 Twitter followers that Bitcoin’s price action has followed a symmetrical pattern over the past few years while shifting widely between 2021 and 2023.
In his technical analysis, Dave the Wave employs logarithmic growth curves (LGCs) to predict each market cycle’s long-term fluctuations and peaks. Considering the trajectory of the LGC, if BTC’s recent symmetrical price action persists, an all-time high (ATH) this year wouldn’t be impossible, according to the analyst.
Assuming the continuity of the symmetry, it is possible for Bitcoin to attain its all-time highs (ATHs) this year, albeit within the bounds of the LGC channel’s middle range. The analyst also noted that some people might object to the use of the word “IF” in this context but emphasized that technical analysis (TA) is not a form of clairvoyance and simply maps out the risk involved in both directions.
Dave the Wave describes a conceivable scenario in which BTC “mirrors” the price action of the previous two years, reaching $70,000 by the end of 2023.
The well-known analyst is also keeping a close watch on Ethereum (ETH), and he provides two charts indicating that the leading smart contract platform may follow Bitcoin’s recent price action.
The analyst expresses admiration for both BTC and ETH. Then advises investors against becoming too attached to a single coin and encourages them to keep an open mind and consider investing in multiple cryptocurrencies.
BTC currently trades at $29,987, while ETH is valued at $2,099.