Wednesday, June 29, 2022
HomeBitcoinAnalyst Who Accurately Called Bitcoin May 2021 Crash Predicts Potential BTC Rally....

Analyst Who Accurately Called Bitcoin May 2021 Crash Predicts Potential BTC Rally. Sets a Target

Dave the Wave, a pseudonymous crypto analyst who accurately called the May 2021 Bitcoin (BTC) crash, has recently predicted a potential rally that is capable of sending the largest cryptocurrency by market capitalization toward its long-term diagonal resistance.

In a series of tweets on the 6th of June, the analyst told his teeming Twitter followers that Bitcoin (BTC) is currently trading within an ascending channel and potentially gearing up for a short-term rally to his target.

Read Also: Bloomberg Senior Strategist: Bitcoin (BTC) Will Be One of the Best Assets on Earth Once Inflation Subsides

In another tweet, Dave the Wave said his target of $39,547 is speculative and only valid if the digital asset maintains the channel.

According to the analyst, traders who believe Bitcoin will revisit its 2017 cycle high of $20,000 should start thinking of risk management.

Dave the Wave noted:

“No one last year conceived of Bitcoin price falling to the previous all-time high. And yet now clarion calls abound. Is it possible? Sure, but people need to balance the [renewed] risk to the upside against the risk to the downside. After the double-top, I revised my technical targets.

“Simply amazed that I am now more bullish than the ‘once were hyper-bulls,’ who have turned bearish, or neutral at best, since the recent capitulation.”

Read Also: Analyst Says Bitcoin (BTC) Would Rise Over 60% in Coming Months if Prevailing Momentum Is Sustained

The analyst is also of the opinion that there is a possibility that the bear market bottom is already in.

“Equally, the low could already have been put in. Shortest-term volatility is always the hardest to predict as near random. It is the longer-term indicators, as per the monthly chart, that gives the most reliability in technical analysis.” 

<

Moreover, Dave the Wave showed how Bitcoin (BTC) has always bottomed out after touching the 4-year moving average on the monthly chart.

A tricky one. Touch and go on the LGC. Support on the 4 year moving average…


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.
RELATED ARTICLES

Latest News & Articles

Recent Comments