A well-known trader, who has gained recognition for accurately predicting the crypto market, has provided his Bitcoin forecast following the recent halving event. Going by the pseudonym Dave the Wave, the trader has shared a chart with his 147,000 followers on the social media platform X, suggesting that Bitcoin could potentially reach $169,500 by the end of 2024.

Dave the Wave has observed that Bitcoin has consistently shown diminishing returns after each bull market since 2012. In the current cycle, the trader anticipates that BTC will generate gains of over 626% from its lowest point, which is a significant decrease compared to the 1,275% gains witnessed in the 2020 cycle.

According to the chart shared by Dave the Wave, Bitcoin is currently priced at $66,938, reflecting a growth of over 3.5% in the past day. The trader uses the logarithmic growth curve (LGC) to analyze Bitcoin’s potential future trajectory. This investing model aims to predict the highs and lows of BTC’s market cycles while filtering out short-term volatility.

Dave the Wave explains that it is not uncommon for Bitcoin to reach a new all-time high before a halving event. He views the halving as the midpoint of a bull market and expects BTC to experience a significant rally from this point onwards, reaching the top of his LGC model.

The trader emphasizes that previous halving events have consistently been followed by price recoveries, marking a midway point towards the peaks. He also notes that the initial peak in the previous cycle should be considered as the macro top in terms of momentum, even though a higher price was seen during the second peak.

It is important to note that the opinions expressed by Dave the Wave are not investment advice. Investors are advised to conduct their own research and exercise caution when making high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl, where this analysis was published, does not recommend the buying or selling of cryptocurrencies and is not an investment advisor.