Everyone is talking about the crash, but this trading legend remains undeterred bullish – why?

Bitcoin is getting ready for a crash. Investors and analysts are concerned about the BTC price, which has been retreating for days and is continually falling. One of the most successful traders in the crypto industry is not deterred by this – he continues to expect an explosive upward movement. What is behind it?

How will Bitcoin develop in 2024?

Long-standing crypto investors are familiar with this atmosphere: the charts are mostly red, most coins are falling – and suddenly the bad news is taking over.

#BTC

Bitcoin fell by -6.19% in September

This is roughly equivalent to the single-digit September declines seen in 2022, 2021, 2020, 2018 and 2017.

This disadvantage is not unusual$BTC #Crypto #Bitcoin pic.twitter.com/RdEkJNNv9L

— Rekt Capital (@rektcapital) 6 September 2024

Things aren't looking much better at the moment: Bitcoin (BTC), for example, has lost -2.45 percent in the last 24 hours, trading at just $55,753. Ethereum (ETH) is also under pressure, with comparable losses of -2.77 percent since yesterday. Current price per ETH: $2,345. The Ethereum ETFs aren't helping, and investors have so far barely put any capital into the financial products.

Only one cryptocurrency in the top 10 is rising and showing green on the daily chart: Telegram cryptocurrency Toncoin (TON) with a plus of 4.15 percent. The biggest losers in the current crypto correction: MultiversX (EGLD, -7.57 percent) and Bonk Coin (BONK, -6.58 percent). The downward movement has not yet picked up speed: the global crypto market capitalization has lost just -0.61 percent since yesterday.

Top analyst and chart guru “Dave the Wave”, however, is quite relaxed about a potential crash. The pseudonymous crypto strategist is considered one of the most precise traders in the industry: He predicted the Corona crash in 2020 and the subsequent V-shaped recovery and has enjoyed a corresponding reputation ever since.

His unique selling point: Dave the Wave uses a chart analysis model for Bitcoin called the “Logarithmic Growth Channel” (LGC). Simply put, this attempts to show the long-term price development of Bitcoin using a so-called logarithmic growth channel. This channel consists of an upper and lower limit – and the Bitcoin price moves back and forth between these two over time.

Price forecasts for Bitcoin can be derived from this: If the price reaches the lower line, this represents a potential buying opportunity. If the price touches the upper limit, however, this signals potential selling options. One of the findings from the model: Bitcoin will continue to rise and rise in the long term – but at a decreasing rate.

How high will Bitcoin be in 2025?

Even in the current market environment, Dave the Wave expects Bitcoin to rise again. In a new analysis, he writes to his more than 146,000 followers on X (formerly Twitter): People tend to worry too much in bull markets. Worries that can be dispelled if you use an LGC forecast model, says the chart specialist.

“Bull markets climb a wall of worry…” Unless you can follow the LGC model.😎“

#btc Bull markets climb a wall of worry… unless you can follow the LGC model.😎 pic.twitter.com/cp3qd3fazs

— Dave the Wave🌊🌓 (@davthewave) 4 September 2024

At the same time, he shows a Bitcoin chart showing the long-term price development according to the LGC model. Bullish for investors: Bitcoin is exploding unchecked to new highs. In the bull case, the BTC price forecast for 2026 will reach more than 300,000 dollars – and will quickly approach the million mark from 2030. The forecast for 2025 is: 250,000 dollars is possible and likely.

The analyst commented: A bear market is far away. The current price action corresponds to a correction or a consolidation within a bull market.

Correction, consolidation perhaps… but hardly a bear market. pic.twitter.com/VXzM7u4fkt

— Dave the Wave🌊🌓 (@davthewave) 4 September 2024

From the current price of $55,700 to $250,000 in 2025: That corresponds to an increase of a whopping +348 percent. If you trust the forecast and want to invest: buying Bitcoin with Paypal is a convenient and secure option.

Last updated on September 6, 2024

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