A new Bitcoin price forecast from a historically accurate analyst

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A trader known for his accurate crypto market predictions shares his insights on Bitcoin’s trajectory following the recent BTC halving event.

“Dave the Wave” presented a chart that Bitcoin could potentially reach $169,500 by the last quarter of 2024.

The trader highlighted a trend seen since 2012 where Bitcoin has consistently produced diminishing returns after each bull market. In the current cycle, he expects a gain of over 626% from the bottom, down from the 1.275% seen in the 2020 cycle.

Using the Logarithmic Growth Curve (LGC), Dave analyze Bitcoin’s Potential Trajectory – A model designed to predict the highs and lows of a market cycle while filtering out short-term fluctuations.

He explainthat reaching a new all-time high before the halving is not unprecedented, seeing that halving marks the middle of the bull market by expecting Bitcoin to start a sharp rally to the top of his LGC model.

Dave emphasized that previous halving events coincided with a push of historical highs that indicated a price recovery and marked the middle of the road to the highs.

It suggests that the initial top in the last cycle should be viewed as the macro top from a momentum perspective, despite the nominally higher price seen at the second top.

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