Cryptocurrency analyst Dave the Wave, known for accurately predicting the 2021 crypto crash, is now sounding the alarm on Bitcoin (BTC). In a recent social media post, he warned his followers that Bitcoin is on the brink of experiencing a potentially catastrophic event known as a waterfall event.
Dave the Wave pointed out that Bitcoin is currently testing a crucial support level around $90,000, and he believes that the cryptocurrency is likely to follow a similar trajectory to its late 2024 price action. During that period, Bitcoin plummeted to the 0.382 Fibonacci level before embarking on a significant upward move.
The analyst shared a chart that suggests Bitcoin could drop to approximately $80,000 in the near future. He also emphasized the importance of monitoring the moving average convergence divergence (MACD) indicator on the weekly chart, which is a key tool for identifying an asset’s trend.
According to Dave the Wave, Bitcoin’s MACD on the weekly timeframe is expected to reset by hitting the zero line level before reaching the 0.382 Fibonacci level. Despite his bearish short-term outlook, the analyst remains optimistic about Bitcoin’s long-term potential, predicting a rally to $180,000 by the end of the year.
As of the time of writing, Bitcoin is trading at $91,529. Investors and traders are advised to stay informed and monitor price action closely to make well-informed decisions in the volatile cryptocurrency market.
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Stay informed, stay vigilant, and navigate the crypto market with caution to maximize your investment potential.