Bitcoin Could Easily Rally To $160,000 Says Crypto Analyst: Here's How Soon It May Happen
Cryptocurrency analyst Dave the Wave predicted the Bitcoin (CRYPTO: BTC) price collapse, which took place in 2022.
Now he's anticipating a massive surge for the apex crypto. Based on his logarithmic growth curve (LGC), the analyst predicts that Bitcoin could ascend to $160,000 by January 2025.
He went on Twitter to share his thought about Bitcoin and said it could easily do a 10x over the next couple of years.
On the basis of the LGC, which has stood the test of time for four years, #btc could easily do a 10x over the next couple of years... pic.twitter.com/gkX7L3IzCj
— dave the wave🌊🐫 (@davthewave) December 30, 2022
The LGC model continues to track Bitcoin's price action despite the gloom and doom surrounding the crypto markets, Dave the Wave says.
He adds that the model's baseline will continue to act as support, just as the top of the LGC served as resistance during the last bull market.
So far, the base of the #btc LGC has proven to be the best support of price....
The increasing real correction of the cycles [23% - 38% - 50%] is implicit in the chart from a year back.... the good old days. https://t.co/doTpyYSWEf
— dave the wave🌊🐫 (@davthewave) December 29, 2022
"The previous 'bubble' is effectively 'popped.' However, it is quite something else in the aggregate. Where the speculative excess culminates in a series of punctuated peaks, the corrections provide a baseline of sorts, with this baseline representing a logarithmic growth curve," the analyst said on Twitter.
At the time of writing, Bitcoin was trading at $16,613, down about 1% in the last seven days.
Read Next: Why This Crypto Analyst Says Bitcoin Is Likely To Experience An Adverse Move Before Climbing
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