A cryptocurrency expert who is known for making accurate predictions about Bitcoin (BTC) on many occasions over the course of the past several years has stated that it is not outside of the realm of possibility for the cryptocurrency king to reach a new all-time high this year.
According to the pseudonymous analyst known as Dave the Wave, Bitcoin’s price action has been behaving in a symmetrical pattern for the past few years, while trading in a wide range between the years 2021 and 2023. Dave the Wave has 138,000 followers on Twitter.
In his technical analysis, Dave the Wave makes use of logarithmic growth curves, often known as LGCs. These curves have the purpose of predicting the long-term highs and lows of each market cycle. If the recent symmetrical price action of Bitcoin (BTC) continues, the analyst believes that an all-time high (ATH) for this year isn’t out of the question when taking into consideration the trajectory of the leading global cryptocurrency (LGC).
“EVEN IF the symmetry remained, BTC would only reach the center of the LGC channel even if it were to surge to all-time highs (ATHs) this year. To those who take issue with the word of “IF,” I would like to remind you that critical and speculative TA (technical analysis) is not the same thing as clairvoyant. TA creates a risk profile for both parties to review.
Dave the Wave presents a probable scenario in which the price of bitcoin “mirrors” the price behavior of the preceding two years and reaches the level of $70,000 by the end of 2023.
“The structure that resembles a mirror.” The well-known analyst is also keeping a close eye on Ethereum (ETH), and he presents two charts with the implication that the most prominent smart contract platform may be following in the footsteps of Bitcoin’s recent price action.