A seasoned trader, known for 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, trader Dave the Wave reveals a chart to his 146,000 followers on X, a popular social media platform. This chart aims to forecast Bitcoin’s long-term cycle lows and highs while filtering out short-term volatility.

According to Dave, his LGC model indicates that Bitcoin’s current market cycle could reach a maximum peak of around 3 times the current price, which is approximately $205,000.

Dave notes that historically, Bitcoin’s price has remained relatively close to previous highs during halvings. However, this time around, the price has increased by 4 times from the bottom, compared to the previous 3 times. This suggests that there may be some anticipation of price movements ahead of the halving.

Based on the LGC model, Dave suggests that the maximum potential increase from the current price is 3 times. He also advises considering trading altcoins against USD to take advantage of the extra volatility and secure profits, while still holding onto Bitcoin for the long term.

In the shorter term, Dave observes that Bitcoin is approaching a crucial ascending diagonal level that has previously acted as a strong support for the cryptocurrency.

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

Please note that the opinions expressed in this article are not investment advice. It is important for investors to conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Additionally, all transfers and trades are undertaken at the investor’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.