Android studio maximum number of lines logcat

I'd like to add an update to this question, in case anyone else is looking for a way to change this on or after March of 2017.

The latest version of Android Studio, version 2.3, now has an option to change the size of the cyclic logcat buffer in Settings/Preferences.

Go to Settings/Preferences > Editor > General > Console and enable the Override console cyclic buffer size (1024KB) option. Once you enable this setting, you can enter a value in kilobytes for the logcat buffer.

It would have been better if Google added the word "logcat" in there, because it can't be found with a search of the preferences unless you specifically enter "console" or "cyclic", etc.

Edit: Google have now assigned this issue to a developer. It should be implemented soon, and I'll update this answer when it is.

Edit 2: According to Google, they have now added a setting for logcat's buffer to Dolphin Canary 6 release, and the issue is now marked as fixed.

I found this:

I’ve found that in the eighth release of idea IDE, the “Limit Run/Debug Console Output” setting is gone so actually the only way for increasing the console output size is to set the idea.cycle.buffer.size value in idea.properties.