The trader who accurately called the crypto market crash of 2021 says that Bitcoin (BTC) may be setting the stage up for a relatively small parabolic move.
Pseudonymous analyst Dave the Wave tells his 143,200 followers on the social media platform X that the king crypto could surge if it crosses a key level around $50,000.
Break the upward channel and BTC go parabolic, otherwise business as usual.
The traders upper and low bounds of the channel are based on his version of the logarithmic growth curves (LGC), which attempt to forecast Bitcoins macro highs and lows while filtering out medium-term volatility and noise.
He alsosaysBitcoins logarithmic monthly moving average convergence divergence (LMACD), a long-term momentum indicator, is flashing bullish similar to the way it did before a parabolic breakout in 2019.
Another BTC mini-parabolic run shaping up?
Looking at his chart, the trader seems to suggest the mini-parabolic move could bring BTC beyond the $60,000 level.
He also says that it appears Bitcoin may complete a bullish inverse head-and-shoulders pattern, taking it beyond $50,000.
Also works in with the cycle.
The trader previously said that Bitcoins market structure is setting the king crypto up to soar above $200,000 by December 2025.
Bitcoin is trading for $43,932 at time of writing, a fractional increase during the last 24 hours.
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