Bitcoin Trader Who Accurately Predicted 2021 Crash Forecasts Exciting Times Ahead for BTC
A market participant who accurately predicted the Bitcoin downturn in May 2021 suggests that BTC could be primed for a significant price surge in the near future. Operating under the pseudonym Dave the Wave, the analyst conveys to a substantial following on the social media platform X a Bitcoin chart indicating that BTC might begin surpassing resistance levels as early as October 1st, 2024.
The analyst’s chart indicates that Bitcoin is currently following a triangular pattern while consolidating within a broad range. Speculating on the potential for a price surge, the analyst poses the question, “BTC 4th quarter fireworks?”
Furthermore, the analyst highlights that Bitcoin is expected to trade above its recent lows at $52,000, with a crucial moving average serving as a support level. Noting the impending approach of the one-year moving average, the analyst suggests, “BTC one-year moving average coming up fast…”
Dave the Wave also offers an alternative view on the ongoing multi-month correction. By utilizing the Fibonacci retracement tool, the analyst points out that despite a dip below $50,000 last month, Bitcoin has only retraced to the 0.236 Fibonacci level. Traders often perceive significant strength when an asset respects the 0.236 Fibonacci level as support, indicating a willingness among buyers to intervene without waiting for prices to drop further. The analyst remarks, “Correction, consolidation maybe… but hardly a bear market.”
In a recent update, the analyst shared a chart indicating that Bitcoin’s current price movement may mirror its behavior in the previous cycle, hinting at a potential breakout based on the timeline of the 2020 cycle.
As of the latest data, Bitcoin is valued at $56,826, representing a daily increase of over 3%.
It’s important to note that opinions expressed in this analysis are not intended as investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All trading activities and potential losses incurred are the investor’s responsibility. The publication does not advocate for the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor.
