A well-known cryptocurrency analyst, Dave the Wave, is predicting a significant Bitcoin price drop in the coming weeks. This analyst correctly predicted the Bitcoin crash in May 2021.
A Pattern Repeats?
Dave the Wave, who boasts a large following on X (formerly Twitter), believes Bitcoin’s current price action mirrors a pattern from last year. He points to similarities between the current consolidation and the period before Bitcoin plummeted from around $74,000 to below $50,000. He suggests the worst of this consolidation might be over by the end of March.
Fibonacci Levels and Price Targets
According to Dave the Wave’s chart analysis using Fibonacci retracement, Bitcoin could fall to approximately $81,000. This level represents the 0.382 Fibonacci level, a common point of support or resistance in technical analysis.
Long-Term Bullish Outlook Remains
Despite predicting a short-term price drop, Dave the Wave maintains a bullish long-term outlook for Bitcoin. He uses a logarithmic growth curve (LGC) model and the moving average convergence divergence (MACD) indicator to forecast a potential price surge to $260,000 by year’s end. He sees plenty of room for growth based on these indicators.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading at $96,909. Remember, this is just one analyst’s opinion. Investing in cryptocurrency is risky, and you should always do your own research before making any investment decisions. Any investment decisions are solely your responsibility.
