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.
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
The search for the most profitable cryptos is ongoing While Solana (SOL) value Declines and,…
Shiba Inu (SHIB), a popular meme token, has seen a surge in accumulation activity lately.…
Cryptocurrency analysts are divided on the price trajectory of XRP. While some remain cautious due…
The Shiba Inu community has been actively engaged in discussions surrounding token burns, a process…
As the gold rush of cryptocurrency investments continues, YouTube influencers are becoming pivotal in guiding…
As investors in Toncoin seek more reliable opportunities and Ethena shows signs of recovery, BlockDAG…