- Dave the Wave predicts Bitcoin could reach $300,000 by 2025.
- The short-term forecast sees Bitcoin rising above $100,000 this year.
Despite the most recent setback for the flagship cryptocurrency, renowned crypto analyst Dave the Wave has offered a bullish narrative for Bitcoin (BTC).
He made some short- and long-term predictions about the potential heights of BTC. His observations infuse the crypto market—which has been experiencing a great deal of volatility—with welcome hope.
A slower steadier #btc rise, but the monthly red candle in the same midway spot on the LGC channel.🧐 pic.twitter.com/ycrhdI26vP
— dave the wave🌊🌓 (@davthewave) June 9, 2024
Rise of Bitcoin to $300,000
Based on his logarithmic growth channel (LGC) indicator, Dave the Wave projects that Bitcoin may hit $300,000. His provided graphic shows that sometime in 2025, BTC is predicted to rise to this previously unheard-of price level.
This forecast should encourage long-term investors because it is consistent with Bitcoin’s prior growth trends.
With its reputation for accuracy in previous forecasts, the LGC indicator backs up this audacious prognosis by pointing to a major positive trend in Bitcoin’s future.
In the short term, Dave the Wave projects BTC will surpass $100,000 later this year. He emphasized an ascending diagonal line that, in spite of its most recent drop below $67,000, Bitcoin has managed to maintain as support.
The analyst therefore thinks that as long as the flagship cryptocurrency stays above this line, it will continue to rise over several months. Traders and investors trying to profit from short-term market swings need to know this forecast.
Current Market Position and On-Chain Signals
Meanwhile, CoinMarketCap data shows that the price of BTC at the moment of writing is about $67,649.07, up 0.19% over the last 24 hours. Over the last week, nevertheless, Bitcoin has been bearish, falling by 5.10%.
On the other hand, on-chain analyst Ali Martinez said that on-chain indicators suggest a potential local top for Bitcoin at $89,200, according to a prior ETHNews report.