A crypto strategist who managed to ride out the 2021 digital asset crash believes Bitcoin (BTC) could fall below $90,000 before entering the final stretch of its bull market.
Pseudonymous analyst Dave the Wave tells are 147,700 followers on the social media platform
The trader shares a chart suggesting that BTC could correct to around $82,000 and reach the Fibonacci retracement level of 0.382 before coming back to life.
The Fibonacci retracement level is a tool used by traders to identify potential entry and exit points for an asset based on the Fibonacci sequence of numbers.
“BTC Volatility in the Short Term IF the Pattern were to Repeat.”
Although Dave the Wave is bearish on BTC in the short term, he is highlights that a move to $82,000 BTC could see a 119% increase.
“Would BTC at $82,000 be that bad if it then allowed a move to $180,000…?”
Zoom out, Dave de Golf believes that Bitcoin will print a bull market top in about seven months based on its logarithmic growth curve (LGC) channel.
The analyst uses his version of logarithmic growth curves (LGCs), which aim to predict the highs and lows of Bitcoin’s market cycle while filtering out short-term volatility.
“The suggestion of a mid-year BTC peak: Price is more likely to peak when the one-year moving average hits the midpoint of the LGC channel.”
At the time of writing, Bitcoin is trading at $94,502.
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Generated image: Midjourney
