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The pseudonymous analyst who goes by the name Dave the Wave predicts the Bitcoin price will hit $500,000 – eventually.
Dave, a technical trader who correctly predicted the BTC collapse from $11,600 to $6,400 last year, is reacting to Tyler and Cameron Winklevoss’ recent Bitcoin analysis.
The twin brothers and co-founders of crypto exchange Gemini say Bitcoin is undervalued as long as it trades below $500,000, citing the likelihood of hyperinflation in the US that could drive Bitcoin as a safe-haven asset.
“Good to see a reasonable price projected here by the Winklevoss brothers.”
In response, Dave shared his analysis of Bitcoin’s long-term trajectory, which tracks the cryptocurrency’s past price movements and increasingly long cycles.
His chart shows Bitcoin could reach $500,000 sometime around 2029.
“When peaks are ‘stepped’, they meet on the logarithmic growth curve. With each subsequent cycle – from base to peak – an extra year is added.”
The trader, who refers to himself as a “BTC Centrist,” also recently released a projection predicting Bitcoin would hit $100,000 sometime in early 2023.
That’s a slightly more conservative projection than the one recently released by PlanB, the controversial analyst who burst onto the scene last year after being the first to apply the stock-to-flow (S2F) ratio to Bitcoin.
PlanB’s latest S2F forecast predicts BTC will hit $100,000 even earlier, by August 2021.
The pseudonymous analyst’s newest cross-asset model, BTC S2F (S2FX), enables the valuation of different scarce assets like silver, gold and Bitcoin with a single formula.
It predicts Bitcoin will be worth $288,000 by 2024 year end.
In other trending Bitcoin News today:
BITCOIN COULD SURGE TOWARDS $20,000 BY END OF 2020: MARKET CYCLE ANALYSIS
A market cycle analysis by one crypto trader suggests that Bitcoin will hit $20,000 in the coming months, likely by the end of 2020.
The charts show that per historical market cycles, BTC is at the point of its ongoing bull market where it will begin its parabolic ascent towards its previous all-time high.
This market cycle forecast isn’t the only analysis showing that Bitcoin could hit $20,000 by the end of 2020.
This strong sentiment has been echoed by a number of market participants.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, commented in a research report on crypto:
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year if it follows 2016’s trend.”
Arthur Hayes, CEO of BitMEX, has also mentioned this price target.
In an April blog post, he said that the Federal Reserve money printer and other macro trends will push the asset to its all-time high this year:
“As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime. My end of 2020 price target remains $20,000.”
He seemingly doubled down on this price target in a recent blog post.
“I, like many other pseudo intellectual keyboard warriors, have a massive upside price target for Bitcoin. I will get to that in the next digest. But Q4 is going to be a humdinger. The financial markets are going to whipsaw as politicians contort themselves to continue feeding at the trough.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.