A trader known for several amazing accurate calls in the crypto space says that Bitcoin (BTC) is gearing up for its next upside target.
The pseudonymous analyst known as Dave the Wave tells his 138,000 Twitter followers that Bitcoin is currently consolidating within the “buy zone” of his logarithmic growth curve (LGC).
Dave the Wave’s LGC aims to estimate Bitcoin’s long-term highs and lows throughout its lifetime while ignoring short-term volatility. According to the analyst’s “buy zone,” anything roughly below $31,000 is still a great deal for BTC.
Plenty of technical support in the BTC LGC buy zone.”
The closely followed analyst says that based on its current market structure, the next major milestone for BTC, which could also signal a breakout from its consolidation channel, is $32,000.
“Technically, a good-looking BTC picture…. and still in the LGC buy-zone.
The next milestone to cross – 32K.”
Dave the Wave says that if price keeps grinding up along the same support level as it has, a conservative price target would be roughly $40,000 by the end of the year.
“Meanwhile BTC price chugs along.
If the current trend is observed through to the end of the year, looking at 40K odd…
Btw, and that would be the bottom of the current channel…”
At time of writing, Bitcoin is trading at $26,889, down 2% on the week.
Featured Image: Shutterstock/AnnstasAg/Chuenmanuse
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