A crypto analyst who successfully predicted the 2021 market crash is sounding the alarm again. They believe Bitcoin (BTC) is showing signs of an upcoming price correction.
Bearish Signals for Bitcoin
The analyst, known as Dave the Wave, points to Bitcoin’s weekly Moving Average Convergence Divergence (MACD) indicator. This indicator helps traders identify trends and potential buying/selling points. Dave the Wave says the MACD suggests a reset is coming, potentially leading to a price drop below $90,000. They describe the situation as “technical consolidation,” implying a temporary pause before further movement.
Price Target and Future Outlook
Looking at Bitcoin’s daily chart, Dave the Wave sees similarities to its price action earlier this year. They believe BTC could drop to around $80,000 before a final bull market run begins. This prediction is based on Fibonacci levels, a tool used to identify potential support and resistance levels.
Despite this short-to-mid-term bearish outlook, Dave the Wave remains bullish on Bitcoin in the long term. Earlier this month, they predicted a significant price surge to $260,000 before 2025.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading at approximately $95,503. It’s important to remember that this is just one analyst’s opinion, and the cryptocurrency market is highly volatile. Always do your own research before making any investment decisions. This information is not financial advice.
