Home Crypto Bitcoin Could Be Entering Next Bear Market Phase, Warns Trader Who Called...

Bitcoin Could Be Entering Next Bear Market Phase, Warns Trader Who Called BTC Collapse in May

A outstanding crypto analyst and dealer who known as the Bitcoin crash in May says that BTC might be on the verge of getting into the subsequent section of its bear market.

The pseudonymous crypto strategist, identified in the trade as Dave the Wave, tells his 71,900 Twitter followers that he sees a major Bitcoin correction on the horizon.

“The time Fibonacci [drawn from the start] permits for a commensurate period of time for the correction as corresponding to the parabolic spike. Another transfer of close to magnitude to the sooner one would see value in the low $20,000 vary. Though not sure, definitely conceivable.”

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Source: Dave the Wave/Twitter

According to the dealer’s chart, Bitcoin seems to be mirroring its value motion from December 2020 to May 2021, the place BTC rose from $20,000 to above $60,000 earlier than igniting a 50% correction to $30,000. Dave the Wave says {that a} comparable correction may drive Bitcoin right down to $20,000 earlier than the tip of the yr.

Despite Bitcoin’s current power, Dave the Wave says that BTC stays in a downtrend because it continues to commerce beneath a diagonal resistance in the long-term timeframe.

“Monthly chart has but to shut above the road of resistance as drawn for few months now. Simples.”

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Source: Dave the Wave/Twitter

Although Dave the Wave is looking for one more Bitcoin correction, fellow crypto analyst PlanB sees BTC rising to $63,000 in the approaching months in his worst-case situation.

“September $43,000 flooring/worst case shouldn’t be a typo. The small dip is brought on by the information. However, it’s a worst-case estimate. My base case is, in fact, the S2F estimate. Also, October $63,000 worst case/flooring is extra in line once more. So September is only a information blip. Nothing to fret about.”

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Source: PlanB/Twitter

PlanB depends on his common stock-to-flow mannequin, which predicts value by measuring present provide in opposition to manufacturing fee.

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