Worst of the Bitcoin Consolidation Could Come in Next Few Weeks, Says Analyst Who Nailed 2021 Crypto Collapse
A crypto strategist identified for precisely calling the Might 2021 Bitcoin meltdown predicts that BTC will endure a giant transfer down within the coming weeks.
Pseudonymous analyst Dave the Wave tells his 147,300 followers on the social media platform X that BTC could also be mirroring a sample seen final yr when Bitcoin printed new highs at round $74,000 earlier than plunging beneath $50,000.
“Finish of March ought to see the worst of the BTC consolidation primarily based on this fractal…
These disillusioned to not have seen a direct parabola ought to take solace within the technically very good nature of the chart.”
Wanting on the dealer’s chart, he seems to foretell that BTC will right to the 0.382 Fibonacci stage at round $81,000 if it follows within the footsteps of final yr’s value motion. Merchants use the Fibonacci extension software to search out potential entry and exit factors primarily based on the Fibonacci ratio.
Whereas Dave the Wave is anticipating a Bitcoin pullback, he believes that BTC will finally rally and soar as excessive as $260,00 by the top of the yr primarily based on his logarithmic development curve (LGC) mannequin and the shifting common convergence divergence (MACD) indicator.
The LGC goals to forecast Bitcoin’s market cycle highs and lows whereas filtering out short-term volatility, whereas the MACD helps merchants determine development path and pinpoint potential reversal areas.
Says Dave the Wave,
“Loads of room on the BTC LGC channel and the month-to-month MACD…”
At time of writing, Bitcoin is buying and selling for $96,909.
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