Despite some positive developments in the crypto space today, traders and investors continue to remain skeptical about buying or even holding on to their existing Bitcoin due to the instability of the market conditions and the declining asset prices.
Amid such a situation, a closely followed crypto analyst and trader, known as Dave the wave, is positive about purchasing the flagship currency and is open about his bullish outlook on the asset.
Dave is the same analyst who had predicted the Bitcoin plunge in May 2021. Now, he informs his 125,100 followers over Twitter that his logarithmic growth curve (LGC) model is suggesting that Bitcoin is in a full test mode.
Based on this model indication which has been holding up for nearly 4 years, the analyst claims this is the time to grab some Bitcoin- as it is available for lower than it ever would be.
Currently, Bitcoin is selling at $19,175 after a surge of 1.91% over the last 24hrs. Also, Bitcoin’s market cap is up by 1.85% in the last 24hrs. However, the currency is still down by more than 72% from its all-time high of nearly $69,000 which it hit in November 2021.
The LGC Model
Next, Dave talks about his LGC model which has proved effective in several market scenarios. He claims that the LGC model has given out the prediction regarding the narrow macro area and the currency has traded as stated. Further, Dave asserts that the Bitcoin price has experienced both a bottom and an all-time high along with getting rejected multiple times.
Dave quotes that the current log jam or the bear movement will continue for Bitcoin for a few days. However, if there is any bullish momentum, market participants should understand that the BTC bottom has been formed and a fresh bull run has begun.