Top Analyst Dave the Wave Projects When Bitcoin Will Bottom Out
According to a popular crypto market analyst, known as Dave the Wave, Bitcoin (BTC) is closing in on bottoming out.
The analyst, who correctly predicted the May 2021 Bitcoin collapse and the double top pattern at $69K, shared with his 99.8K Twitter followers that he projects Bitcoin trading near the 48-month moving average, a sweet spot where it historically has bottomed out.
“Arguably, another month in it [on the basis of this metric]… which is what you’d expect if price is to re-test the lows over the course of this month.”
Arguably, another month in it [on the basis of this metric]… which is what you'd expect if price is to re-test the lows over the course of this month. pic.twitter.com/vdstJOqpMG
According to the crypto market analyst, Bitcoin bottom could be reached within this month.
When Bitcoin was rising past the $60K price mark in October 2021, Dave the Wave predicted that it would ultimately form a double top pattern at around $65K, before pulling down and forming a double bottom at around $29,000.
“I think this was my first mention of a double top [back when it was an anathema]. If a double top, why not a double bottom….?
I think this was my first mention of a double top [back when it was an anathema]. If a double top, why not a double bottom….? https://t.co/D2cDPgmttZ
The analyst also looked into the weekly moving average convergence divergence (MACD) – a trend indicator – which also suggests that BTC looks ready to bottom out.
“Comparison of the Bitcoin weekly MACD structure is looking promising…”
