Renowned crypto analyst Dave the Wave reiterated his expectation that Bitcoin (BTC) will experience a significant rally for the rest of the year. Taking his bullish sentiment a step further, the analyst stated that the largest cryptocurrency has the potential to surpass $69,000 and set a new all-time high.
“Bitcoin Could Set a New Record Before the Year Ends”
Famous crypto analyst Dave the Wave drew attention to the possibility of Bitcoin surpassing its previous record of around $69,000 and setting a new all-time high. If the analyst’s prediction comes true, it would mean an approximately 47% increase from the current price levels of Bitcoin.
The chart shared by Dave the Wave shows that Bitcoin is attempting to move towards the upper limit of its customized Logarithmic Growth Curve (LGC) indicator. Indicators like LGC are commonly used to determine the macro levels of assets and understand price movements.
Similarities Between the Current Outlook of Bitcoin and 2020
The analyst had previously mentioned the possibility of Bitcoin experiencing a rally before the critical Bitcoin event, similar to the block reward halving in 2020. According to the analyst, the mini parabolic run of Bitcoin just before the block reward halving in 2020 propelled the price of the largest cryptocurrency from around $3,300 to approximately $14,000, representing an increase of over 324%.
The next Bitcoin halving is expected to take place in April 2024, as highlighted by Dave the Wave. According to data provided by CoinMarketCap (CMC), Bitcoin is currently trading at $37,115, with a 0.64% increase in the past 24 hours. The data also shows that BTC has increased by 7.93% in the past 7 days and 35.22% in the past 30 days.
Bitcoin reached its all-time high (ATH) of $68,789 on November 10, 2021. Currently, Bitcoin is priced 46% below its ATH.
