Trader Who Accurately Called 2021 Crypto Market Crash Says Bitcoin (btc) may be setting the stage for a relatively small parabolic move.
Pseudonymous analyst Dave the Wave says its 143,200 followers on social media platform
"Break the ascending channel and BTC goes parabolic, otherwise it's business as usual."
The upper and lower limits of the trader's channel are based on their version of log growth curves (LGCs), which attempt to forecast Bitcoin's macro highs and lows while filtering out medium-term volatility and noise.
He too says Bitcoin Log Monthly Moving Average Convergence Divergence (LMACD), a long-term momentum indicator, is showing a similar bullish tone as it did before a parabolic breakout in 2019.
"Is another mini-parabolic BTC run shaping up?"
Looking at his chart, the trader seems to suggest that the mini-parabolic move could take BTC beyond the $60,000 level.
He too says It looks like Bitcoin may complete a bullish inverse head and shoulders pattern, taking it beyond $50,000.
"It also works with the 'cycle'."
The merchant previously saying that Bitcoin's market structure is causing the king cryptocurrency to rise above $200,000 by December 2025.
Bitcoin is trading at $43,932 at the time of writing, up fractionally over the past 24 hours.
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