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A widely followed crypto trader says that Bitcoin (BTC) could possibly soar by double digits over the remaining weeks of 2023.

Pseudonymous analyst Dave the Wave tells his 142,800 followers on the social media platform X that it is “not unthinkable” for Bitcoin to rally to the record high of slightly over $69,000.

Such a move would see the flagship crypto asset soar by about 87% from the current level.

Dave the Wave’s chart appears to suggest that Bitcoin is attempting to break out of the upper bound of its customized Logarithmic Growth Curve (LGC) indicator, a move that usually precedes a surge in price.

The LGC indicator is typically used to identify the macro highs and lows of an asset while minimizing the volatility and noise.

Source: Dave the Wave/X

Dave the Wave had also said that Bitcoin could experience a pre-halving rally just like was the case in the run-up to the 2020 halving. According to the pseudonymous analyst, the previous Bitcoin “mini parabola run” just ahead of the 2020 halving saw BTC surge from around $3,300 to around $14,000 – a 324% increase.

Source: Dave the Wave/X

The next Bitcoin halving is expected to occur in April 2024.

Bitcoin is trading at $36,840 at time of writing, up by a little over 33% over the past 30 days and over 100% year-to-date.

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