Renowned analyst Dave the Wave, rightly calling for Bitcoin to crash in May, says BTC could also be on the verge of getting into the next phase of a bear market.

“Fibonacci of Time” [được vẽ từ đầu cuộc biểu tình parabol] signifies an inexpensive time for the price to be corrected. Another transfer close to the earlier decline would take Bitcoin in direction of the lows in the $ 20,000 area. It is just not sure, however it’s conceivable. “

BTC / USDT day by day chart | The supply: Dave the Wave / Twitter

According to the analyst’s chart, Bitcoin seems to mirror its price motion from December 2020 to May 2021, the place BTC rose from $ 20,000 to over $ 60,000 – earlier than correcting it by 50% to $ 60,000. Dave the Wave says an identical correction could trigger Bitcoin to drop to $ 20,000 earlier than the finish of the 12 months.

Despite Bitcoin’s latest energy, Dave the Wave says BTC is in a downtrend because it has continued to trade beneath the descending resistance line for a big interval of time.

“Bitcoin has but to shut the month-to-month candle above the descending resistance line. Simple”.

BTC / USDT month-to-month chart | The supply: Dave the Wave / Twitter

Although Dave the Wave is looking for an additional correction to Bitcoin, quantum analyst PlanB sees BTC rising to not less than $ 63,000 in the coming months.

“According to the S2F assessment, the Bitcoin floor for September is $ 43,000. Meanwhile, the lower bound was $ 63,000 in October. So September is just a data slip. There is nothing to worry about. “

The supply: PlanB / Twitter

PlanB depends on its stock-to-flow mannequin to make price predictions for Bitcoin. The mannequin predicts costs by measuring the accessible provide in relation to the manufacturing ratio.

SN_Nour

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page