Despite some positive developments in the crypto space today, traders and investors continue to remain skeptical about buying or even holding on to their existing Bitcoin due to the instability of the market conditions and the declining asset prices.
In such a situation, a close crypto analyst and trader known as Dave the Wave is positive about buying the major currency and is open about his bullish outlook on the asset.
Dave is the same analyst who had predicted the Bitcoin plunge in May 2021. Now, he informs his 125,100 followers over Twitter that his logarithmic growth curve (LGC) model is suggesting that Bitcoin is in a full test mode.
Based on this model signal, which has been around for 4 years, the analyst claims that it is time to grab some bitcoin – as it is available for less than before.
Currently, Bitcoin is selling at $19,175 after a surge of 1.91% over the last 24hrs. Also, Bitcoin’s market cap is up by 1.85% in the last 24hrs. However, the currency is still down by more than 72% from its all-time high of nearly $69,000 which it hit in November 2021.
LGC Models
Next, Dave talks about his LGC model which has proven to be effective in multiple market scenarios. He claims that the LGC model has predicted a narrow macro area and said currency is traded. Furthermore, Dave claimed that the price of bitcoin has experienced both bottoms and all-time highs, along with several rejections.
Dave quotes that the current log jam or the bear movement will continue for Bitcoin for a few days. However, if there is any bullish momentum, market participants should understand that the BTC bottom has been formed and a fresh bull run has begun.
