Analysis

May 2024 Could Be Best Opportunity for Bitcoin (BTC) Bulls, According to Top Analyst

An analyst who precisely referred to as the market prime in 2021 says that Might of this yr may very well be one of many final nice alternatives for traders bullish on Bitcoin (BTC).

The pseudonymous analyst often called Dave the Wave tells his 143,000 followers on the social media platform X that Bitcoin may appropriate within the first quarter of this yr.

Nevertheless, Dave the Wave says that the correction may in the end be an optimum entry level for these seeking to go lengthy on Bitcoin for the following main bull market growth.

“BTC prediction:

Everybody will likely be saying promote in Might and go away… when it could simply precisely be the perfect time to purchase [for those that haven’t already].”

Image
Supply: Dave the Wave

Dave the Wave makes use of his model of logarithmic development curves (LGCs), which intention to forecast Bitcoin’s market cycle highs and lows whereas filtering out short-term volatility.

In accordance with the dealer, the LGC’s assist ranges are seemingly about to be examined, both on the longer-term finish of the channel close to $30,000 or doubtlessly at $38,000 if its shorter ascending channel stays intact.

“The LGC BTC ‘stress check’:

light- potential 38% consolidation of the current transfer up inside the technical channel.

heavy – potential 38% correction of the entire channel itself.

Nonetheless all good for traders who’ve purchased [and buying] the LGC buyzone [lower shaded].”

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Supply: Dave the Wave/X

At time of writing, Bitcoin is buying and selling at $41,106, a 1.15% lower within the final 24 hours.

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