Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse

A veteran trader known for accurately calling the crypto market collapse of May 2021 believes Bitcoin ( BTC ) is gearing up for an explosive move.

Pseudonymous analyst Dave the Wave tells his 147,800 followers on the social media platform X that Bitcoin is trading in a narrow range, setting the flagship crypto asset up for a breakout.

He also shares a chart using his version of the logarithmic growth channel (LGC) curve, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.

“BTC closing in on the shorter-term target on the chart for some time now. With price coiling, wouldn’t be surprised to see an even greater move in the upper half of the LGC [logarithmic growth] channel.”

Looking at his chart, a move closer to the upper bound of the LGC channel would repeat a similar pattern that occurred in the 2021 bull market cycle top.

Next up, the analyst shares a chart of Bitcoin Fibonacci extension levels that suggest Bitcoin may rally to $190,000.

Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.

“One to post to those promoting regular [non-diminishing] BTC returns – the Fib comp shows the possibility of just the one more level to go.”

Bitcoin is trading for $106,124 at time of writing, flat on the day.

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