Trader That Called May 2021 Crypto Collapse Updates Bitcoin Outlook, Says BTC ‘Still on Track’ for Bull Market

A trader known for several accurate crypto market calls says that Bitcoin (BTC) remains in a bullish market trend.

Pseudonymous analyst Dave the Wave tells his 146,500 followers on the social media platform X that as long as Bitcoin remains above an ascending diagonal level, the crypto king is still poised to print fresh all-time highs (ATHs).

“BTC still on track.”

Source: Dave the Wave/X

The analyst says that Bitcoin could still fall lower than its current value and remain in an uptrend provided that it stays above a diagonal support that has kept BTC bullish since October 2023.

“Plenty of wiggle room for BTC price yet. Dashed diagonal line the weightier one here.”

Source: Dave the Wave/X

The analyst also predicts a market top for Bitcoin in December 2025 by using his version of the logarithmic growth channel (LGC) curve, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility.

“If you subscribe to the BTC four-year cycle theory, then it may not help you much with the top (again). However, if you subscribe to the LGC theory, it may once again be useful.”

Source: Dave the Wave/X

Looking at his chart, the analyst suggests Bitcoin could hit the top of the LGC model and soar above $300,000 at the end of 2025.

Bitcoin is trading for $68,654 at time of writing, down slightly in the last 24 hours.

Generated Image: Midjourney

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