Dave the Wave, a well-known crypto analyst, believes Bitcoin (BTC) could be in for more downside after dropping below $58,000.
Key Fibonacci Level
Dave the Wave is monitoring Bitcoin’s support at a key Fibonacci retracement level of 0.382, which corresponds to around $58,000. He notes that this level has historically provided support for Bitcoin during previous consolidations.
Break Below Support
However, the analyst warns that a break below the 0.382 Fibonacci level could trigger a significant correction, potentially sending Bitcoin down to $48,000.
Altcoin Impact
Dave the Wave also cautions that altcoins are likely to follow Bitcoin’s lead and decline if the leading cryptocurrency continues to fall.
Current Price
At the time of writing, Bitcoin is trading at $57,017, down 5.9%.
