A prominent analyst who correctly predicted two major Bitcoin declines says traders should prepare for a lengthy correction in the market.

Known in the industry as Dave the Wave, he tells his 68,600 Twitter followers that all previous dips have shifted Bitcoin’s logarithmic growth curve (LGC) down, meaning the current correction could take another 5 months – until the end 2021.

“These are just mathematical formulas. When price is moving from the bottom up of LGC, it usually corrects for the 38.2% Fib of that up move.

BTC / USD Monthly Chart | Source: Dave the Wave

“Compared to this correction with the previous one, the price is now half gone … so far only up to the first level (Fib 23.6%).

In a time comparison, the adjustment takes until the end of the year, another 5 months. “

BTC / USD Monthly Chart | Source: Dave the Wave

The trader correctly predicted Bitcoin’s decline from $ 11,400 to $ 6,400 in 2019.

He also warned traders of the Bitcoin crash ahead of the late May crash, and now says the current move is mimicking 2018.

One not for the faint of heart and one that is unlikely to win many fans.

Momentum most similar to 2018. Short-term rebound within a two-stage exit by the end of the year. The good news is that price may find support at the top of the “buy zone” this time around. pic.twitter.com/5W0z7Upv3l

– davthewave (@davthewave) July 6, 2021

“It’s not for the faint of heart and probably won’t attract a lot of fans.

The momentum is roughly the same as in 2018. Short-term recovery in two phases of decline at the end. The good news is that price can find support above the “buy zone” at this point. “

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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