Key Points:
- Bitcoin appears to be continuing its technical setup from the second quarter of 2019 when BTC rose from about $4,000 to $14,000 in a few months.
- According to the crypto strategist’s logarithmic growth curve (LGC) model, the value of Bitcoin might increase by 676% by 2024.
Bitcoin is flashing signals that suggest the king cryptocurrency is getting ready for a significant surge to the upside, according to the crypto expert who correctly predicted BTC’s May 2021 collapse.
According to a pseudonymous analyst Dave the Wave, a number of technical indicators are becoming bullish for bitcoin.
- Weekly MACD [moving average convergence/divergence] in same area
- Histogram as extended
- Price in the lower band/ buy zone.
According to Dave the Wave’s chart, BTC appears to be continuing its technical setup from the second quarter of 2019, when BTC rose from about $4,000 to $14,000 in a few months.
The MACD, a trend reversal indicator, is currently circling in the same area as it did before the 2019 BTC spike, claims the analyst. Similar to Bitcoin’s Q2 2019 setup, the histogram, which gauges the convergence or divergence of the moving averages, is likewise trending upward.
According to the crypto strategist’s logarithmic growth curve (LGC) model, the value of Bitcoin might increase by 676% by 2024.
The LGC is the analyst’s attempt to forecast the boom-and-bust cycles of Bitcoin in the face of shifting macroeconomic circumstances. The LGC concept is intended for long-term Bitcoin investors, claims Dave the Wave.
BTC charts are for investors – buying in a few tranches over a reasonable period of time…. with price in the ‘buy zone’… may prove to be a good investment going forward.
At the time of writing, Bitcoin is trading at $23,570, which is a 2.4 % increase over the past 24 hours.
Coincu previously reported addresses holding 0.1 BTC (approximately $1000) increased throughout this time, from 3.40 million on January 1 to 4.20 million as of December 31. On the other hand, within the same period, the number of addresses with 1 ETH (minimum value of $1000) increased from 1.41 million to 1.73 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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