A crypto analyst who correctly called the collapse of Bitcoin (BTC) last year is predicting a Santa rally for the king crypto.
Pseudonym analyst Dave the Wave tells his 131,100 Twitter followers that Bitcoin looks poised to take out the horizontal resistance of an ascending triangle pattern.
“BTC Christmas Rally on the Cards…”
At the time of writing, Bitcoin is trading hands at $17,046, suggesting a potential upside of more than 11% if BTC reaches the analyst’s target of $19,000.
Looking at Bitcoin from a higher time frame, Dave the Wave says that BTC presents an “optimal” opportunity for long-term bulls based on his logarithmic growth curve (LGC) model.
“Soberly, without the previous great expectation… and without the aftermath of great disappointment, current Bitcoin prices are both normal and optimal for those interested in risk and reward.”
The LGC model is the analyst’s attempt to predict the cycle highs and lows of Bitcoin amid changing macroeconomic conditions. Dave the Wave has repeatedly stated that BTC is currently at the “buy zone” of the model despite the extreme bearish sentiment among market participants.
Fellow crypto analyst Credible also believes that Bitcoin is poised for bullish continuation. The analyst tells his 336,200 Twitter followers that BTC is likely to rally towards its $19,000 target.
“No change to my expectations. Still looking for $19,000. BTC has formed a nice tight consolidation here after a clean impulse on a low time frame. Could only dip into $16,000 to take out these built up lows, but still expect continuation after regardless.”
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Featured image: Shutterstock/Mia Stendal