A notable crypto strategist, who accurately predicted the 2021 digital asset downturn, foresees Bitcoin (BTC) potentially declining below $90,000, setting the stage for its final bull market surge. The pseudonymous analyst, known as Dave the Wave to his 147,700 followers on X, suggests Bitcoin could be mirroring a familiar pattern observed in 2023 and 2024.
Using a chart, Dave the Wave indicates BTC might descend to approximately $82,000, touching the 0.382 Fibonacci retracement level, prior to rejuvenating.
This retracement level is a tool utilized by traders to pinpoint potential entry and exit points for assets, based on the Fibonacci sequence. "Short-term BTC volatility IF the pattern were to repeat," he states.
Despite his short-term bearish outlook on BTC, he emphasizes that a drop to $82,000 might pave the way for a significant 119% rally. "Would BTC at $82,000 odd be so bad if it then enabled a move to $180,000...?" he poses.
From a broader perspective, Dave the Wave anticipates Bitcoin will reach a bull market peak in approximately seven months, guided by his logarithmic growth curve (LGC) channel.
His version of LGCs aims to predict Bitcoin’s market cycle highs and lows, while removing short-term volatility. "The suggestion of a mid-year BTC peak here: the price has previously peaked when the one-year moving average hits the midway mark of the LGC channel," he explains.
Currently, Bitcoin is trading at $95,799.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.