Last updated on May 18th, 2024 at 12:57 pm
A Popular crypto trader and analyst have recently forecasted a possible price breakout for Bitcoin in 2025. Dave The Wave shared his analysis on X (FKA Twitter) showing the Bitcoin price trend from 2013 to 2025.
According to him, Bitcoin’s halving will play an “increasingly insignificant role” as the crypto market grows, however, it could still serve as stimuli in the meantime for BTC price action.
Dave The Wave continued by highlighting that Bitcoin’s price has exploded in the past when the monthly peak close crosses the lower band of the logarithmic growth curve (LGC). This pattern would suggest a Bitcoin price surge to the previous ATH in 2024 and subsequently breaking out in 2025.
Though I think #btc halving will play an increasingly insignificant role as the market matures, it may serve yet as a stimulus again in the interim.
Price has previously exploded to the upside when the monthly peak close has met the lower band of the LGC [logarithmic growth… pic.twitter.com/VAyOarAqCs
— dave the wave🌊🌓 (@davthewave) September 5, 2023
For context, the logarithmic growth curve [LGC] is a technical analysis metric used by traders to predict the future price of an asset. It is used to understand the long-term price movements in digital assets that show significant growth. In addition, the LGC provides an over-arching model for price predictions.
The LGC has successfully been used in the past to predict Bitcoin price actions consequently giving reliability to Dave’s prediction.
Bitcoin (BTC) price continues to dip
On August 29, the D.C. Circuit Court of Appeals ruled in favor of Grayscale when it revoked the SEC’s decision to deny the digital asset management firm’s request to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) on June 29, 2022.
Following the ruling, the price of Bitcoin reacted positively and rose 5.48% within 24 hours trading at $27,251. However, the excitement subsided quickly which led to not just a drop in Bitcoin price, but also in the reduction of shares of Grayscale’s Bitcoin Trust.
The long-awaited Bitcoin ETF, which was originally viewed as a doorway for institutional investors into cryptocurrencies, has failed to maintain interest, especially given the static open interest in Bitcoin perpetual swaps.
Bitcoin (BTC) price today
Source: CoinMarketCap
According to live data from CoinMarketCap, the price of Bitcoin today is $25,743. The price is currently experiencing a 0.73% reduction in the last 24 hours. What’s more, BTC has a 24-hour trading volume of $10,975,778,434 ($10.9 billion) and retains its position as the #1 cryptocurrency in the market. Finally, Bitcoin has a live market cap of $501,410,293,227 ($501.4 billion).
Read Also: Ex-SEC Chair Indicated that Spot Bitcoin ETF Approval is Bound to Happen
