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A crypto strategist who accurately called the top of the 2021 Bitcoin bull market believes the worst of the current BTC collapse is now in the rearview mirror.
Pseudonymous analyst Dave the Wave tells his 148,800 followers on the social media platform X that Bitcoin is close to carving the price bottom of this correction.
According to the analyst, Bitcoin’s downside potential from current levels is limited based on several technical indicators.
“Thinking we’ve seen the worst of this BTC multi-month correction:
1] Multi-year diagonal support coming through
2] 0.38 Fibonacci retracement repeat
3] 0.5 Fibonacci retracement and resistance come support
4] Time Fibonacci through to the end of April
5] one-year moving average coming through.”
Source: Dave the Wave/X
Traders use the Fibonacci extension tool to pinpoint potential reversal price areas based on the Fibonacci ratio. Looking at the trader’s chart, he seems to suggest that BTC will bottom out at $74,000 where three technical indicators are converging to act as support including the 0.5 Fibonacci level, the high time frame diagonal trendline and the one-year moving average.
At time of writing, Bitcoin is trading for $79,361.
While some prominent crypto strategists believe that the Bitcoin bull market is now over, Dave the Wave predicts that BTC will witness an over 2x gain after plunging to the $74,000 price level.
“BTC darkest before the dawn.”
Source: Dave the Wave/X
Based on the trader’s chart, he appears to predict that Bitcoin will soar to a new all-time high of $160,000 before the end of the year.
