A crypto analyst who correctly predicted the end of Bitcoin’s 2021 bull run believes the current downturn might be over.
Analyst’s Prediction
Dave the Wave, a popular analyst on X (formerly Twitter), told his followers that Bitcoin is nearing its price bottom. He cites several technical indicators supporting this view:
- Multi-year support: Bitcoin is approaching a long-term support level.
- Fibonacci retracements: Key Fibonacci retracement levels (0.38 and 0.5) align with potential support areas.
- Time-based Fibonacci:
A time-based Fibonacci analysis suggests a bottom by the end of April.
- One-year moving average:
Bitcoin’s price is approaching its one-year moving average.
Price Target and Potential Gains
Dave the Wave’s chart suggests a potential bottom around $74,000, where these indicators converge. He anticipates a significant price increase after this point, predicting Bitcoin could more than double in value. He even suggests a potential new all-time high of $160,000 before the year’s end. Currently, Bitcoin is trading above $79,000.
Disclaimer:
This information is for general knowledge only and is not financial advice. Investing in cryptocurrencies is risky, and you could lose money. Always do your own research before making any investment decisions./p>
