A prominent cryptocurrency analyst has predicted a surge in the price of Bitcoin in 2023. The prediction runs against the current of bad news for Bitcoin for several months in a row. According to analyst Dave the Wave, Bitcoin could rise to $160,000 by January 2025.
Dave the Wave made the prediction based on logarithmic growth curve (LGC), Yahoo Finance reported.
"The previous 'bubble' is effectively 'popped.' However, it is quite something else in the aggregate. Where the speculative excess culminates in a series of punctuated peaks, the corrections provide a baseline of sorts, with this baseline representing a logarithmic growth curve," he said in a tweet.
Bitcoin is currently trading at $16,730.75. The biggest cryptocurrency has lost more than 65 percent in market capitalization in the year 2022 alone.
Though thousands of investors have lost money on Bitcoin, some are still driven by hopes that the coin will surge again.
"Bitcoin is not dead, it's just boring at the moment, so traders are already looking for alternatives," Martin Leinweber, a digital asset product strategist at MarketVector, said a few months ago.
Cryptocurrencies have endured a torrid year as investors have dumped risky asset across the board in the face of rising inflation, with bitcoin falling about 60% and ether dropping 55%. Major blow-ups at two major coins and the bankruptcy of a big-name lender have also eroded confidence in the sector.
