The trader who accurately called the crypto market correction in May 2021 says that Bitcoin’s (BTC) market structure is now potentially on track to approach the $200,000 mark if all goes well.
Pseudonymous trader and analyst Dave the Wave tells his 143,000 followers on the social media platform X that Bitcoin’s moving average convergence divergence (MACD) indicator on the monthly chart is signaling strong bullish momentum for BTC.
The MACD is traditionally used to spot trend reversals and confirm trends.
“Another histogram on the BTC monthly MACD printed.
How many are expecting something like this?”
Based on the trader’s chart, Dave the Wave appears to predict that BTC will rally above $200,000 by December 2025.
With Bitcoin looking bullish, Dave the Wave notes that there could be too much of a consensus on BTC, opening up the possibility of BTC hitting his upside target way sooner than his initial timeline.
“Seems to me a bit of a problem here.
On a technical basis, it looks fine, but if most are expecting it, this becomes problematic [from the contrarian perspective].
Perhaps it will be front-run by a year…”
Dave the Wave uses his own version of logarithmic growth channels (LGCs), which aim to roughly project the highs and lows of Bitcoin’s long-term market cycles while filtering out shorter-term volatility.
According to the analyst, Bitcoin has been in the “buy zone” of the LGC for almost a year and a half but it looks close to breaking out.
“BTC price in the LGC buy zone now for nearly one and a half years, 17 months. How many more months I wonder…
Shaded zone on the chart since 2018.”
At time of writing, Bitcoin is trading at $38,784.
Generated Image: DALLE3
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