A popular cryptocurrency analyst who predicted May 2021’s Bitcoin ($BTC) market crash has suggested that based on a little-known model, “now is the time to buy” the flagship cryptocurrency, and not to sell it.
In a series of tweets, the pseudonymous analyst known as Dave the Wave shared with his over 125,000 followers on the microblogging platform Twitter that Bitcoin is in a “full test” of its logarithmic growth curve (LGC) model.
The logarithmic growth curve is a model that takes Bitcoin’s historical price data and uses log growth analysis to develop curves that project its potential future growth. The indicator uses historical price data and does not take into account any market participant behavior or any on-chain analytics.
As Dave the Wave noted, the model has “held up well for 4 years.”
Bitcoin is, at the time of writing, trading close to the $19,300 mark after moving up around 2.9% over the last 24-hour period. The flagship cryptocurrency has been on a downtrend over the past year, dropping from a new all-time high near the $69,000 mark to its current level. The cryptocurrency appeared to be recovering last month after running to $224,000 but a hawkish stance from central banks led to further drops.
Responding to a user on the microblogging platform, Dave the Wave defended the mode as it “has predicted,” a “relatively narrow macro range within which price has actually ranged” even though it could have “been potentially invalidated a number of times.”
In a separate tweet, the pseudonymous cryptocurrency analyst noted that a move up would “help confirm a bottom being put in” while a move down for the flagship cryptocurrency would indicate it’s still “within the buy zone.”
As CryptoGlobe reported, the volume of Bitcoin’s supply that hasn’t moved for at least one year has hit a new all-time high of 12.589 million $BTC, according to on-chain analytics firm Glassnode, which pointed out that the figure is equivalent to 65.77% of the cryptocurrency’s circulating supply.
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