According to a trader known for their precise predictions in the world of cryptocurrency, Bitcoin (BTC) is poised for a significant upward surge.
Dave the Wave, who goes by a pseudonym, believes that Bitcoin could potentially increase in value by over 420% from its current rate. He suggests that Bitcoin has already hit its lowest point and the focus now lies on how high BTC can ascend.
“With a consensus building that the BTC bottom is in, the question increasingly raised is what could the next top be. A proportionate response within the parameters of the LGC (logarithmic growth curve)… performing since 2018.”
A chart predicting a Bitcoin price of $157,512 by 2025 has been provided by a trader. The estimation is based on a logarithmic growth curve that aims to forecast Bitcoin’s long-term highs and lows over its lifetime, while disregarding short-term volatility, along with Fibonacci extension levels.
Dave the Wave suggests that Bitcoin has reached its low point at the $27,042, .382 Fibonacci retracement level, which is comparable to the price pattern in 2016 that resulted in a multi-year Bitcoin bull run.
In May, the trader said that strong support levels were sitting between the $22,000 and $26,000 range for Bitcoin. And earlier this month, when Bitcoin was trading for about $25,000, he warned against being overly cautious.
Bitcoin crossed $30,000 on Wednesday and at time of writing is trading for $30,198, up 6.6% during the last 24 hours.
Bitcoin in the news
Bitcoin has been all over the news lately, due to the massive rise in price amidst the excitement that we’ve been seeing in the crypto space.
As we revealed the other day, several major financial institutions worldwide have provided financial support to the recently launched digital asset marketplace, EDX Markets (EDX).
A press release has revealed that the company has secured a round of funding from esteemed financial giants such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.
The funding will “support EDX as it continues to develop its trading platform and solidifies its market leadership position.”