Crypto Analyst Issues Warning For Further Downside For Bitcoin
Crypto analyst, known as Dave the Wave issued a warning for traders that Bitcoin (BTC) could witness further downsidde in the near term, while he remains long-term bullish on the leading crypto asset.
who predicted the May 2021 market collapse is warning
Dave the Wave, who correctly predicted the may 2021 market crash, alerted his 97.5K followers on Twitter posting a Bitcoin chart starting from summer 2020,. The chart highlights price capitulations that took place in April 2021 and the steep downtrend that happened in November to January this year.
The analyst applies both possible scenarios, either which would take BTC down to $25,000 level, where it would bottom out.
“IF we get a Bitcoin move down comparable to the previous two, looking at the 25K region.”
However, while the near term might not seem bright for BTC, the crypto analyst shared in another tweet that the long term outlook looks way more positive if applying a year moving average.
“Up down, up down, up down.
If you’re not to get giddy from one day to the next, you use a bit of good ol’ fashioned TA… a year moving average for example…”
Up down, up down, up down.
If you're not to get giddy from one day to the next, you use a bit of good ol' fashioned TA… a year moving average for example…#BTCpic.twitter.com/b4KLhQKsgY
Zooming out on Bitcoin’s historic chart, Dave the Wave notes that there have been multiple descending wedge patterns in the past, but the macro looks bullish.
“Don’t think I’ve seen such a depressed feed on CT (crypto Twitter) before. Perhaps the equal and opposite reaction to the previous hype.
Remember people, even if we get a solid correction, the macro bull remains.
Only those with unit bias don’t see that Bitcoin price is actually still high here.”
Don't think I've seen such a depressed feed on CT before. Perhaps the equal and opposite reaction to the previous hype
Remember people, even if we get a solid correction, the macro bull remains
