New Bitcoin ATH Is In Store – How High Can BTC Go?

An analyst known as Dave the Wave, who previously predicted the May 2021 cryptocurrency market crash, has provided a timeline for when Bitcoin (BTC) may reach new all-time highs.

According to Dave, BTC’s current bear market and correction from its 2023 peak may continue until the end of this year.

Using his own logarithmic growth curve (LGC) model, Dave predicts Bitcoin’s major highs and lows, while filtering out short-term fluctuations and disturbances. Currently, BTC is trading towards the lower end of the LGC model, which Dave considers to be a “buy zone.”

According to Dave the Wave, BTC may experience a slight downward trend until next year, but is expected to reach new highs above $69,000 by mid-2024.

He provides some perspective on the BTC macro, including a chart showing the steepness of price relative to the LGC and corrections, a recent move-up that recovered 50% of the previous correction, a potential correction lasting until the end of the year with a 50% fib time extension, possible target fib levels for this correction, a line to watch for an upward break, and the possibility of prices pushing to all-time highs by mid-next year with another similar move up after the correction.

Dave also notes that the monthly moving average convergence divergence (MACD), a long-term momentum indicator, has flipped bullish, adding to the suggestion of a new run for Bitcoin.

He recommends BTC as a reasonable investment for those without exposure, along the lines of the BTC LGC. Additionally, the long-term MACD has crossed bullishly and is poised just below the zero-line.

Credible Crypto, an anonymous analyst with a following of 345,900 people, believes that BTC is currently taking a break after experiencing around a 100% surge this year.

The trader has noted that Bitcoin’s price movement in 2023 is similar to what it was in March to August 2020, when BTC saw a surge of around 200% before going through a consolidation period of one month.

In order to learn more details, check out the previous article that we shared.