A well-known cryptocurrency trader has recently suggested that the price of Bitcoin could experience a significant increase in the coming months, potentially reaching its previous all-time high of around $69,000 per token.

In a post on the microblogging platform X, analyst Dave the Wave, who accurately predicted Bitcoin’s top level in 2021, stated that a rally to BTC’s previous all-time high this quarter is entirely possible.

Dave the Wave has based his prediction on Bitcoin’s behavior against the Logarithmic Growth Curve (LGC) indicator, which he uses to track its progress. This indicator is known for identifying major highs and lows of an asset while minimizing the impact of volatility and noise.

The analysis suggests that Bitcoin is on the verge of breaking out of the upper boundary of this indicator, a pattern that often leads to a significant price increase. Dave the Wave has also referenced Bitcoin’s historical performance, particularly the period leading up to the 2020 halving event.

During the previous “mini parabola run” before the halving, Bitcoin’s value surged from approximately $3,300 to around $14,000, representing a 324% increase. The next halving event is scheduled for April 2024 and is generally seen as a bullish event.

Markus Thielen, the head of research and strategy at crypto financial services firm Matrixport, has also indicated to clients that Bitcoin’s performance this year could be a reliable indicator of its year-end position. According to analysts at Matrixport, there’s a 71% chance that Bitcoin could experience a Santa Claus Rally and finish the year with an average year-end rally of +65%.

Disclaimer

The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptoassets carries a risk of financial loss.