A seasoned trader who has a proven track record of making accurate predictions about the cryptocurrency market is now sharing his thoughts on the potential maximum price target for Bitcoin (BTC) in this market cycle.

Using his own version of the logarithmic growth channel (LGC) curve, which helps to filter out short-term volatility and predict Bitcoin’s long-term cycle lows and highs, the trader, known as Dave the Wave, presented a chart to his 146,000 followers on the social media platform X.

According to Dave the Wave, his LGC model suggests that Bitcoin’s current market cycle could reach a peak of up to three times its current price, approximately reaching the $205,000 mark.

Dave the Wave also noted that historically, the price of BTC has been relatively close to previous highs during halving events. However, this time around, he observed a fourfold increase from the bottom, compared to the previous threefold increase. This suggests that there may have been some anticipation of price movement leading up to the halving.

Based on his LGC model, Dave the Wave advises considering trading the additional volatility of altcoins against the USD in order to secure some profits, while still holding onto Bitcoin for the long term.

In the short term, Dave the Wave pointed out that Bitcoin is approaching a level of ascending diagonal support that has previously served as a strong foundation for the cryptocurrency.

As of now, Bitcoin is trading at $67,702.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and trades are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a financial advisor. Please note that The Daily Hodl may participate in affiliate marketing.