Top Analyst Says Bearish Bitcoin Pattern Will Be Invalidated if BTC Convincingly Breaks This Level
A popular crypto analyst who accurately predicted a pair of Bitcoin (BTC) price crashes says he might rethink a bearish call on BTC if it convincingly breaks a certain price level.
The pseudonymous analyst, known as Dave the Wave, tells his 70,100 followers that no significant rallies will happen for Bitcoin until it crosses a long, descending resistance looming just above BTC’s current price.
“Doesn’t even start to get that interesting until this line were crossed….”
Dave the Wave has previously called for Bitcoin to grind its way down to around $20,000 before resuming a macro bull trend. Now the closely followed analyst says that a strong move above the $45,000 BTC level could invalidate the forecast.
“The good news is that if this shorter-term/medium-term fractal played out, a 61% retracement would only take price to the top of the ‘buy zone.’ This pattern would be invalidated if price were to convincingly break $45,000 soon.”
According to the top analyst’s chart, the “buy zone” is around $23,000, or roughly a 49% drop from BTC’s current price of $39,644.
Dave the Wave accurately called Bitcoin’s crash from $11,400 to $6,400 in 2019. He also warned Bitcoin bulls about BTC’s bearish price action prior to the crash in May and says BTC’s current momentum is mimicking the 2018 bear market.
The analyst has also predicted a similar fate for Ethereum in the coming months, forecasting a drop to $1,350 by sometime in early September, which would bring the asset down by nearly 50% from current prices.
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Author: Daily Hodl Staff