The whole cryptocurrency industry got driven into an ocean of blood-red in May 2021, as numerous virtual tokens posted a two-digit decline. Following periods of dealing around $50k, Bitcoin hit a base of $30,000, a decline of almost 50% around its historical record of $64k.
Another well-known bitcoin expert that correctly predicted the May 2021 meltdown is sketching out a feasible pricing scenario for Bitcoin (BTC) to achieve fresh only those record levels.
Dave the Wave, an anonymous expert with 105,000 Twitter fans, predicts that Bitcoin will snip over for the following year or two until breaking through to the $70,000 barrier towards the close of 2023.
“Bitcoin going forward, something like this wouldn’t surprise me…”
According to Dave the Wave’s graph, BTC has the potential of hitting a loop high of $200,000 between May and June 2024, or 2 years thereafter.
Bitcoin is actively focusing on forming a rear end, according to a senior cryptocurrency researcher. Bitcoin’s latest market behavior is compared to that of 2018, while it collapsed out of a falling wedge formation prior to actually rebounding on its 200-week moving average.
As per research analysis, BTC could be along its way to hitting bottom and seeking assistance.
“It helps to step away from the chart, and look at something like the Bitcoin weekly.
The comparison is not everything, but neither is it nothing. It is something to go by…”
Here on the monthly graph, Dave, the Wave is also watching the moving average convergence divergence (MACD). The MACD, which is utilized to predict trend rollbacks, might reach a resistance region before the month’s end, claimed analyst.
Furthermore, BTC is close to the crucial Fibonacci level of 0.382, when Bitcoin dropped out throughout the 2014 and 2018 bearish cycles.
“*On the basis of this metric*, the logarithmic version of the monthly MACD, which I’ve been using to good effect since near forever, the Bitcoin low looks pretty much in.”
Around the time of this post, Bitcoin was trading at $30,262, basically unchanged during the past seven days.