Bitcoin is currently in the midst of a bullish market movement, as it is breaking through the $7,200 level. At the same time, a crypto analyst who correctly predicted Bitcoin’s downtrend during 2019 is now turning bullish. Specifically, he suggests Bitcoin is ready for a “boom and bust cycle” that could bring the premier crypto to $400,000.
Crypto analyst with impressive track-record turns bullish
This Bitcoin analyst and strategist is known in the crypto industry as “Dave the Wave”. Although anyone can make predictions regarding the Bitcoin price development, Dave the Wave’s statements carry significant weight.
Specifically, this is due to his correct prediction that Bitcoin would enter a “parabolic downtrend” last year. After Dave the Wave’s prediction in July last year, Bitcoin fell from $11,600 to $6,425 – in line with his predictions.
However, Dave the Wave is now turning bullish. In fact, he is updating his long-term Bitcoin forecast – and is dramatically increasing his price target. After plotting a curve of the Bitcoin price with regard to past price history, Dave the Wave has a number of predictions.
Dave the Wave predicts $400,000 Bitcoin price
Firstly, he believes Bitcoin’s volatility will continue to decrease in the coming decade. What’s more, he suggests that Bitcoin will embark on a dramatic “boom and bust cycle”.
According to Dave the Wave, this boom and bust cycle will bring the price of Bitcoin to $110,000 at the end of 2022. After this, however, Bitcoin will experience a crash that brings it to a low of $30,000 in 2025.
Nevertheless, Bitcoin will then begin a long-term recovery that will bring it to staggering heights. In fact, Dave the Wave predicts that Bitcoin will rally and reach a whopping $400,000 price in 2029.
Bitcoin could trade in $200K to $500K corridor
Dave the Wave’s price prediction chart is available in this tweet. Moreover, it suggests that Bitcoin could reach as high as $500,000 – and that it will trade in a channel between $200,000 and $500,000 around the end of the decade.
These numbers could seem fanciful to those new to the cryptocurrency industry. However, it would not be the first time Bitcoin rallies by a seemingly unthinkable amount. Furthermore, the fact that Dave the Wave has been correct in the past lends some credence to this prediction.
However, one should note that it is always hard to accurately predict something taking place far into the future. Although it would seem Dave the Wave’s model is plotting a general direction of Bitcoin’s future price, precise price predictions are extremely challenging.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.