A crypto strategist who correctly predicted the 2021 crash in the digital asset market, Bitcoin $97,120.1He stated that (BTC) could fall below $90,000 before entering the final phase of the bull market.
Expected Fix
Pseudonymous analyst Dave the Wave told his 147,700 followers on the social media platform that Bitcoin could repeat a pattern observed in 2023 and 2024.
Fibonacci Retracement Level
The trader shared a chart showing that BTC could correct up to around $82,000 and revive by touching the 0.382 Fibonacci retracement level.
“If short-term BTC volatility PATTERN repeats.” –Dave the Wave
Dave the Wave highlighted that despite the short-term bearish trend on BTC, a move to $82,000 could set BTC up for a 119% upside.
Logarithmic Growth Curves
The analyst noted that he predicts Bitcoin’s market cycle tops and bottoms using his own version of logarithmic growth curves (LGC).
“Mid-year BTC peak recommendation here: The price previously peaked when the one-year moving average reached the midpoint of the LGC channel.” –Dave the Wave
At the time of writing, Bitcoin is trading at $94,502.
According to analyst predictions, Bitcoin may mark the top of the bull market in the next seven months. For investors, such analysis can be helpful in understanding market trends and developing strategies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
