November 10, 2023
A widely followed crypto trader predicts that Bitcoin (BTC) could potentially experience significant growth in the remaining weeks of 2023. Pseudonymous analyst Dave the Wave suggests that it is not out of the realm of possibility for Bitcoin to rally to its record high of slightly over $69,000, which would represent an 87% increase from its current level.
Dave the Wave's chart indicates that Bitcoin is attempting to break out of the upper bound of its customized Logarithmic Growth Curve (LGC) indicator. This breakout is typically a precursor to a surge in price. The LGC indicator is commonly used to identify the macro highs and lows of an asset while minimizing volatility and noise.
Dave the Wave also suggests that Bitcoin could experience a pre-halving rally, similar to what happened prior to the 2020 halving. During that time, Bitcoin saw a significant surge, increasing by 324% from around $3,300 to approximately $14,000. The next Bitcoin halving is expected to occur in April 2024.
As of now, Bitcoin is trading at $36,840, reflecting a 33% increase over the past 30 days and a 100% increase year-to-date.
While the future of Bitcoin remains uncertain, the analysis provided by Dave the Wave offers an optimistic outlook for potential growth in 2023. Investors should conduct their own research and exercise caution when making investment decisions in Bitcoin or any other digital assets.
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