A crypto strategist recognized for precisely calling the Could 2021 Bitcoin meltdown predicts that BTC will endure an enormous transfer down within the coming weeks.
Pseudonymous analyst Dave the Wave tells his 147,300 followers on the social media platform X that BTC could also be mirroring a sample seen final yr when Bitcoin printed new highs at round $74,000 earlier than plunging under $50,000.
“Finish of March ought to see the worst of the BTC consolidation based mostly on this fractal…
These disillusioned to not have seen an instantaneous parabola ought to take solace within the technically excellent nature of the chart.”
Trying on the dealer’s chart, he seems to foretell that BTC will appropriate to the 0.382 Fibonacci degree at round $81,000 if it follows within the footsteps of final yr’s worth motion. Merchants use the Fibonacci extension instrument to seek out potential entry and exit factors based mostly on the Fibonacci ratio.
Whereas Dave the Wave is anticipating a Bitcoin pullback, he believes that BTC will ultimately rally and soar as excessive as $260,00 by the top of the yr based mostly on his logarithmic progress curve (LGC) mannequin and the shifting common convergence divergence (MACD) indicator.
The LGC goals to forecast Bitcoin’s market cycle highs and lows whereas filtering out short-term volatility, whereas the MACD helps merchants determine pattern route and pinpoint potential reversal areas.
Says Dave the Wave,
“Loads of room on the BTC LGC channel and the month-to-month MACD…”
At time of writing, Bitcoin is buying and selling for $96,909.
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