Analyst Dave the Wave: Bitcoin is on the brink of a strong rally
There are few Bitcoin traders who have been as precise as Dave the Wave in the past year. The pseudonymous cryptocurrency trader forecasted the middle 2019 that the price of the asset to mid-6. 000 – Dollar will fall .
Bitcoin did just that and reached on 18. December a low of 6. 400 $ and thus entered the buying zone for a short time one that Dave the Wave had set and offered investors the rare opportunity to buy the cryptocurrency at the peak of the realizable risk-return curve.
And recently he said that BTC continued towards 11. 000 dollar was going to rise and noticed that the cryptocurrency since the low in December 2019 formed a parabola.
Analyst believes that Bitcoin 100 . 000 Will reach dollar
For a long time, investors have been waiting for Bitcoin 100 . 000 Dollar reached – many think this is a price that makes the world, from Wall to Main Street, really believe in BTC. At the moment, however, it seems completely impossible that BTC in the medium term 100. 000 dollar reached , because this price point is about 1. 000% above the current market price of 10. 000 dollars. But according to Dave the Wave, the cryptocurrency is still on a clear path to get into a six-digit price range over the next two to three years.
For those getting stuck or confused on the shorter term call, here’s my view going forward. If you're a holder / investor, ignore the short term calls and focus on the medium / long term.
Main point being, a consolidation to the buy zone would set BTC up nicely for its run. pic.twitter.com/AC2gv5VrGI
– dave the wave (@davthewave) February 16, 2020
Dave supported this prediction by pointing out that the cryptocurrency is about to end a fractal correction and is about to break a long-term descending trend line that has marked the two swing tops of the past two years.
Exceeding the trend line, which will soon coincide with the long-term buying zone for Bitcoin, is likely to rebound to 100. 000 Initiate dollars, according to Dave. That may sound crazy, but the analyst's likelihood of hitting makes this forecast all the more interesting.
Not to mention that the pricing model from PlanB, a pseudonymous quantitative analyst working for a European institution, predicts that Bitcoin's “fair price” after halving the block reward in May 2020 somewhere in the order of magnitude between .) 000 and 100. 000 dollar will be.
The model based on a 95% R-squared back (which means extremely accurate) suggests that the price of BTC correlates closely with how scarce it is at exponential levels, meaning that any decrease in the asset's inflation rate will have an extremely strong impact on the price increase should.
Proof of text: newsbtc