dailyhodl.com 2 h Reading time: ~2 m
A crypto analyst known for making the right calls for Bitcoin (BTC) multiple times over the last several years says that it is within the realm of possibility for the crypto king to ascend to a fresh all-time high this year.
Pseudonymous analyst Dave the Wave tells his 138,000 Twitter followers that Bitcoin’s price action has behaved in a symmetrical pattern in recent years, while trading in a wide range between 2021 and 2023.
Dave the Wave uses logarithmic growth curves (LGCs) in his technical analysis, which aim to forecast the long-term highs and lows of each market cycle. According to the analyst, if BTC’s recent symmetrical price action continues, an all-time high (ATH) this year wouldn’t be out of the question when considering the trajectory of the LGC.
“IF the symmetry continued, BTC pushing to ATHs (all-time highs) this year, which would still only reach the middle of the LGC channel.
For those objecting to the use of ‘IF,’ please realize that critical and speculative TA (technical analysis) is not clairvoyance. TA maps out the risk to both sides.”
Dave the Wave gives a possible scenario where BTC “mirrors” the previous two years of price action, hitting the $70,000 level by late 2023.
“The mirrored formation.”
The popular analyst is also keeping a close eye on Ethereum (ETH), and he shares two charts suggesting that the leading smart contract platform could be following in the footsteps of BTC’s recent price action.
“You know I love BTC… but I also really like ETH.
Remember, no need to marry a coin.”
At time of writing, BTC is trading for $30.404, while ETH is worth $2,101.