A crypto trader who accurately predicted the Bitcoin crash in May 2021 is now saying that Bitcoin could be on the verge of a huge price jump.
Bitcoin’s Pattern Looks Familiar
The trader, known as Dave the Wave, has been sharing his analysis on social media. He says that Bitcoin’s current price action looks similar to the pattern seen right before a big rally in late 2020.
Long-Term Support Could Launch Bitcoin Higher
Dave the Wave points to a long-term support level on his charts. He believes that if Bitcoin bounces off this support, it could trigger a significant price increase.
LGC Model Suggests Upward Trend
The trader also uses a special model called the logarithmic growth channel (LGC). This model helps him predict Bitcoin’s long-term highs and lows. According to Dave the Wave, the LGC model suggests that Bitcoin is still in an upward trend.
One-Year Moving Average Provides Support
Finally, Dave the Wave highlights the one-year moving average for Bitcoin. He says that this average has historically been a key support level, often coinciding with big price rallies.
What Does This Mean for Bitcoin?
While Dave the Wave’s predictions are exciting, it’s important to remember that nothing is guaranteed in the crypto market. Bitcoin is a volatile asset, and prices can move quickly in either direction.
It’s always best to do your own research and consult with a financial advisor before making any investment decisions.
