Bitcoin Could Collapse Before Sparking 119% Rally, According to Analyst Who Called 2021 Market Meltdown
A crypto strategist who nailed the digital asset crash in 2021 believes Bitcoin ( BTC ) could tumble below $90,000 before sparking the final leg of its bull market.
Pseudonymous analyst Dave the Wave tells his 147,700 followers on the social media platform X that Bitcoin may be repeating a pattern witnessed in 2023 and 2024.
The trader shares a chart suggesting that BTC may correct to around $82,000 and touch the 0.382 Fibonacci retracement level before coming back to life.
The Fibonacci retracement level is a tool used by traders to identify potential entry and exit points for an asset based on the Fibonacci sequence of numbers.
“Short-term BTC volatility IF the pattern were to repeat.”
Source: Dave the Wave/X
While Dave the Wave is short-term bearish on BTC, he highlights that a move to $82,000 may set up BTC for a 119% surge.
“Would BTC at $82,000 odd be so bad if it then enabled a move to $180,000…?”
Source: Dave the Wave/X
Zooming out, Dave the Wave believes that Bitcoin will print a bull market top in about seven months based on his logarithmic growth curve (LGC) channel.
The analyst uses his version of logarithmic growth curves (LGCs), which aim to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
“The suggestion of a mid-year BTC peak here: the price has previously peaked when the one-year moving average hits the midway mark of the LGC channel.”
Source: Dave the Wave/X
At time of writing, Bitcoin is trading for $94,502.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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