Cryptocurrency analyst predicts that bitcoin will reach new highs

A popular crypto expert and trader known as Dave Wave believes that bitcoin’s current bearish trend will last at least until the end of the year.

The analyst uses his own version of logarithmic growth curves, which allow him to predict the highs and lows of bitcoin by filtering out the medium-term volatility of the cryptocurrency. Thus, according to the chart, BTC is trading near the lower boundary of the logarithmic growth curves, still in the «buy zone.» The crypto analyst suggests that the market leader may decline a little more in the coming months, and by mid-2024, it will rise to new highs above $ 69,000.

At the time of writing, bitcoin is available for purchase at $ 26,088. The total supply of coins on the market amounted to $ 507.69 billion. Traders executed $ 9.2 billion worth of daily trades, which is 10.11% less than a day ago. The market share of BTC reached 48%.

On the night of August 17−18, the market’s flagship fell to $ 24,800. The reason for this was the announcement of interest rates by the US Federal Reserve and the sale of all available bitcoins by SpaceX. During the industry turmoil, long positions worth about $ 823 million were liquidated, which led to significant losses for traders who were betting on rising crypto prices. BTC holders suffered the most, losing $ 488 million, followed by ETH traders who lost a total of $ 303 million.

It should be added that despite the regression and the current attempts of BTC to return to the level of $ 27,000, the cryptocurrency is expected to grow to $ 150,000. This was stated by Tom Lee, co-founder of the analytical firm Fundstrat. The top manager notes that if the U.S. Securities and Exchange Commission (SEC) gives the green light to the Bitcoin ETF, the flagship crypto asset will be able to overcome the $ 150,000 mark and approach $ 180,000.