Bitcoin makes an incredible surge as analyst predicts an 85 percent more move for the asset.
The current bullish market sentiment has been linked to the expected Bitcoin halving event next year and the possible spot ETF approval. 

Bitcoin (BTC) has managed to break the $36k resistance level to hit $37,077.58 after surging by 6 percent in the last seven days, and 38 percent in the last 30 days. According to pseudonymous analyst Dave the Wave, Bitcoin is not close to slowing down as the asset could retest its all-time high of $69k. This indicates that the asset would stage an 87 percent rally from the current level to hit that price level. 

A chat shared by the analyst indicates that Bitcoin is attempting to break out of the upper bound of its customized Logarithmic Growth Curve (LGC) indicator. Based on historical movements, this mostly precedes a price surge.

This indicator is very effective in minimizing volatility and noise while identifying the macro highs and lows. Another interesting mention is the pre-halving rally. According to Dave the Wave, there was a “mini parabola run” just before the 2020 Bitcoin halving.

This effect triggered a 324 percent increase from $3,300 to around $14,000. After the halving, Bitcoin broke its $19k all-time high record to hit $69k before taking a nosedive to below $20k. 

Other Experts Make Bitcoin Prediction 

Another crypto expert Peter Brandt, has predicted that BTC would soon hit $43k after sharing three charts on the digital asset. 

Here is another targeting technique. In the case of a flag or pennant, measure the flag pole height into the flag and project the same measurement from the last small reaction low within the flag $BTC…In principles of classical charting (c. 1934, Schabacker), targets are determined by projecting the height of the pattern from the point of breakout. In cryptos I approximate both log and arithmetic scales. Here are targets of inv. H&S bottom and rectangle $BTC. How do you determine targets?

Hitting $37,000 is an interesting sign as the asset is reaching this zone for the first time since May 2022. On Thursday, it went as high as $37,999. 

Another crypto price prediction platform has placed the maximum trading price of the asset at $66,673.98. The analysts behind the prediction expect BTC to finish the year at $55,561.65, and somewhere around $44,449.32 on the minimum. In anticipation of the upcoming halving event, whales are aggressively purchasing the asset. According to reports, whales are purchasing $3 million worth of Bitcoin every three hours. 

The US Securities and Exchange Commission is also set to approve spot Bitcoin ETF requests according to experts. This could drive millions of dollars into the market. With all these factors in play, renowned crypto commentator Poppe has predicted that the asset could hit $55k soon. He further clarified that the bear cycle of Bitcoin has ended. 

We witnessed a year-long bear market. We witnessed a year of accumulation. And now we are entering the first year of the bull cycle (the purple one), which likely means the highest level will be around $50,000 to $55,000…Furthermore, we will experience a period where altcoins start to wake up significantly before breaking their all-time highs. I call this the second bull phase. So we will see that altcoins perform well. We will see more momentum, like what we have seen in Chainlink and some other altcoins.

 

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Filed under: Bitcoin - @ November 12, 2023 12:04 pm