Dave The Wave Draws A Worst Case Scenario For Bitcoin (BTC)
A prominent crypto analyst and trader, known as Dave the Wave, draws his worst case scenario the leading digital asset, Bitcoin (BTC).
A crypto trader who accurately called the May 2021 collapse for Bitcoin has revealed his worst-case scenario for BTC now that it’s dropped roughly 50% from its all-time high for the second time in a year.
Dave the Wave, who correctly predicted the May 2021 Bitcoin collapse, shared with his 90K followers on followers that Bitcoin, after losing the $40K crucial support last week, is now more likely to go down to $30K, and even $25K in a more bearish scenario. He however, remains bullish on the long term on BTC.
“Ouch. The problem is once it loses that $40,000 area, there’s not much support below…
But support there is.
Best case scenario – $30,000 Worst case scenario – $25,000
Macro bullish.”
Ouch. The problem is once it loses that 40K area, there's not much support below… pic.twitter.com/0wsb92w05b
Using Fibonacci extensions, the trader identifies the key levels and a possible bearish head and shoulders pattern to lock down a bottom level of $25,000 for BTC.
“For those wondering about the fib extension here, it’s measuring a potential head and shoulders.”
For those wondering about the fib extension here, it's measuring a potential H&S. pic.twitter.com/6SNeSvMsUg
According to Dave the Wave, what Bitcoin would need in order to establish a bullish momentum, would be a move above descending resistance, currently at about $41,000.
“Keep it simple people.
A lower level again and lines of resistance that price would have to cross before even thinking of a trend reversal.”
Keep it simple people.
A lower level again and lines of resistance that price would have to cross before even thinking of a trend reversal. pic.twitter.com/iT3e3zuemP
