A crypto analyst known for calling the 2021 Bitcoin (BTC) collapse is laying out his 2023 price target for the top crypto asset.
The pseudonymous trader Dave the Wave tells his 133,600 Twitter followers that his target for the king crypto this year is above $40,000.
“A technical target of $42,000 this year to take BTC out of the ‘buy zone’…”
Bitcoin is trading for $20,897 at time of writing. The top-ranked crypto asset by market cap is down 1.82% in the past 24 hours but up more than 19% in the past week. BTC remains nearly 70% down from its all-time high of more than $69,000, which it hit in November 2021.
Dave the Wave questions whether Bitcoin’s boom-and-bust cycles will become increasingly irregular as the BTC market matures, citing an analysis he wrote two years ago.
“On the chart, the ‘cycle’ seems to be breaking up just as giant ice sheets would in warmer waters. Nor should this surprise us in the face of a general principle, where a maturing market and increasing liquidity are understood to lead to reducing volatility — the single major volatile spike [and correction] may be broken up into a series of more minor volatile spikes [and corrections]. And so it is that the increased liquidity of a maturing [and very speculative] market suggests a re-visiting of what has to be the current ‘orthodoxy’ of cycles.”
The analyst also says Bitcoin is witnessing lesser minor corrections and more real corrections.
“Lesser nominal corrections, and greater real corrections… just as it should be with BTC on the way to price discovery.”
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