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Bitcoin is about to make a big explosion by the end of the year, aiming for the 200,000 USD mark?
A well-known cryptocurrency strategist, famous for accurately predicting the market crash of Bitcoin (BTC) in 2021, believes that the "king of the coin world" is still on track to establish a new historical peak this year.
Specifically, the analyst known as Dave the Wave shared on the X platform that, based on his logarithmic growth curve model (LGC), Bitcoin could potentially soar to over 200,000 USD by the end of this year.
Dave the Wave posted a chart showing that Bitcoin has left the "buy zone" ( of LGC since the price surpassed the threshold of around 40,000 USD. According to his theory, LGC helps predict the peaks and troughs in Bitcoin's cycle while filtering out short-term noise.
"This chart was drawn when BTC had not yet reached half of the current price and was in the buying zone of LGC. So far, the price is still going in the right direction."
![])https://img.gateio.im/social/moments-0389b22a3c5014500bf2b09b639955da(BTC chart of LGC | Source: Dave the Wave/XHe also believes that the latest price surge bringing Bitcoin back to the 90,000 USD range is clear evidence further supporting his previous prediction:
"The price is going as predicted."
![])https://img.gateio.im/social/moments-53a06d6fd4d32b34e9f34229cbbe50c4(BTC price chart | Source: Dave the Wave/XIn addition, Dave also shared a chart showing that Bitcoin is currently still within the upward channel according to the LGC model.
"BTC is still 'running like clockwork' – a sign that the market is maturing more and more."
![])https://img.gateio.im/social/moments-3d97b0510cf45962516b0fdb92748acc(BTC price channel chart | Source: Dave the Wave/XFinally, this analyst emphasizes that the Logarithmic Moving Average Convergence Divergence )LMACD( on the weekly timeframe remains above the 0 line, which is considered an important support area for BTC historically.
This indicator is used to detect changes in the trend, strength, and momentum of an asset. When the indicator rises above the 0 line, the market is often considered to be in an uptrend.
"Once again: The weekly MACD indicator of BTC has not fallen into the bearish zone ) below the line 0( since the beginning of 2023."
![])https://img.gateio.im/social/moments-5d96b3d3746759fa8d06ff8e6a2f283f(BTC weekly MACD chart | Source: Dave the Wave/XAt the time of writing, the price of Bitcoin is fluctuating around 91,600 USD, down slightly 2.5% in the past 24 hours.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making any decisions. We are not responsible for your investment decisions
Justin