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A crypto strategist known for accurately calling the May 2021 Bitcoin meltdown predicts that BTC will undergo a big move down in the coming weeks.
Pseudonymous analyst Dave the Wave tells his 147,300 followers on the social media platform X that BTC may be mirroring a pattern seen last year when Bitcoin printed new highs at around $74,000 before plunging below $50,000.
“End of March should see the worst of the BTC consolidation based on this fractal…
Those disappointed not to have seen an immediate parabola should take solace in the technically superb nature of the chart.”
Source: Dave the Wave/X
Looking at the trader’s chart, he appears to predict that BTC will correct to the 0.382 Fibonacci level at around $81,000 if it follows in the footsteps of last year’s price action. Traders use the Fibonacci extension tool to find potential entry and exit points based on the Fibonacci ratio.
While Dave the Wave is anticipating a Bitcoin pullback, he believes that BTC will eventually rally and soar as high as $260,00 by the end of the year based on his logarithmic growth curve (LGC) model and the moving average convergence divergence (MACD) indicator.
The LGC aims to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility, while the MACD helps traders identify trend direction and pinpoint potential reversal areas.
Says Dave the Wave,
“Plenty of room on the BTC LGC channel and the monthly MACD…”
Source: Dave the Wave/X
At time of writing, Bitcoin is trading for $96,909.
Generated Image: Midjourney
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