A well-known crypto analyst predicts that Bitcoin (BTC) could skyrocket to over $160,000 in this bull market.
Logarithmic Growth Channel Analysis
Dave the Wave, a popular analyst, uses logarithmic growth channels (LGC) to forecast market trends. He believes that Bitcoin is following a similar pattern to 2020, when it broke out of a channel and surged upwards by 154%.
Comparison to 2020 Cycle
Another analyst, Rekt Capital, also draws parallels between the current cycle and 2020. He suggests that Bitcoin may consolidate around $60,000 before the halving event in April, when miners’ rewards are halved. This pattern was also observed in 2020-2021.
Bitcoin’s Current Position
As of writing, Bitcoin is trading at $69,847, slightly down from the previous day. If it manages to turn its previous all-time high of $69,000 into support, it could indicate a readiness for further growth. However, if it fails to do so, it may enter a consolidation range before the halving.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies.
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