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A trader known for some accurate crypto market calls says Bitcoin (BTC) could soar above $160,000 in this bull cycle if current market structure holds. .
Pseudonymous analyst Dave the Wave To tell With 143,000 followers on social media platform .
“Assuming the parabolic rally continues, the $160,000 BTC target is actually very conservative in this comparison.”
Dave the Wave uses a proprietary version of the Logarithmic Growth Channel (LGC) to attempt to predict the ups and downs of market cycles while eliminating short-term volatility and noise.
Looking at his chart, the trader suggests that Bitcoin is showing a similar price pattern to 2020, breaking out of an ascending channel and rising parabolically, completing a 154% move. Masu.
Pseudonymous cryptocurrency trader Rekt Capital also comparison Between Bitcoin’s current cycle and 2020 as BTC heads towards April’s halving, when miners’ rewards will be halved. He suggests that Bitcoin could enter a halving and then stabilize in the low $60,000 range as it breaks out similar to the 2020-2021 cycle.
“This cycle has been a story of the reaccumulation range (green to red). And one interesting possibility for prices entering the halving is further consolidation (i.e. reaccumulation) at the highs. The technical order of events is historically accurate. It satisfies the fact that the pre-halving retrace occurs 28 to 14 days before the halving. And it satisfies the fact that the pre-halving retrace occurs 28 to 14 days before the halving. Meet the fact that it moves to re-accumulation.
If Bitcoin is able to turn its all-time high around $69,000 into new support, this “reaccumulation range” idea would be negated as the price would be ready for a price expansion into price discovery. . However, if Bitcoin is unable to turn ~$69,000 into support before the halving, this re-accumulation range will materialize and be consistent with historical price trends around the halving. ”
At the time of writing, Bitcoin was trading at $69,847, declining slightly over the past 24 hours.
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