Renowned cryptocurrency analyst and trader, Dave the Wave, known for his numerous accurate predictions, has highlighted Polygon (MATIC) as an altcoin that could experience a significant surge during the next bull market. The analyst also commented on the current outlook for Bitcoin (BTC).
Anonymous cryptocurrency analyst Dave the Wave, from his personal account on the social media platform X (formerly known as Twitter), stated that the native asset of the Layer 2 scaling solution Polygon, MATIC, could enter a major upward trend against the largest cryptocurrency Bitcoin (MATIC/BTC). The analyst expressed his expectation that if Bitcoin gains 5 times its value against the US dollar, MATIC could gain 3 times its value against BTC.
The price chart shared by the analyst indicates that MATIC is expected to replicate a pattern observed in the past against BTC, leading to an approximate increase of 200% from its current value, reaching a level of 0.0000618 BTC (around $2.25). At the time of writing, MATIC/BTC is trading at 0.0000220 (around $0.77).
Following MATIC, Dave the Wave, who directly focuses on Bitcoin, drew attention to how the logarithmic growth curve (LGC) of BTC’s one-year moving average aligns with the broader-scale price model of Bitcoin. The LGC chart shared by the analyst represents an approach aimed at filtering short-term price movements and noise by plotting the highest and lowest levels of Bitcoin’s long-term market cycles.
Emphasizing that the one-year moving average is the best indicator for Bitcoin, just like the LGC, the analyst stated:
The one-year moving average of BTC is confirmed by the LGC. Indeed, this is the best single indicator we have to determine ‘bull market support’. In shorter-term indicators, the price makes contradictory movements on both sides.
Looking at the chart shared by the analyst, the price of the largest cryptocurrency is moving within an upward trend above the one-year moving average, which the analyst pointed out as the bull support.