A cryptocurrency expert who accurately predicted the digital asset crash in 2021 is now forecasting a potential drop in Bitcoin (BTC) to below $90,000 before the final phase of its bull market kicks in. Known as Dave the Wave, this pseudonymous analyst has a substantial following of 147,700 on the social media platform X, where he shares his insights.
Dave the Wave suggests that Bitcoin might be following a pattern observed in 2023 and 2024, indicating a correction to around $82,000, touching the 0.382 Fibonacci retracement level before experiencing a resurgence. The Fibonacci retracement level is a tool used by traders to pinpoint potential entry and exit points for an asset based on the Fibonacci sequence of numbers.
Although Dave the Wave is currently bearish on BTC in the short term, he points out that a drop to $82,000 could pave the way for a significant 119% surge. He questions whether hitting $82,000 would be detrimental if it sets Bitcoin up for a move to $180,000.
Looking at the bigger picture, Dave the Wave predicts that Bitcoin will reach a bull market peak in approximately seven months based on his logarithmic growth curve (LGC) channel. This method utilizes logarithmic growth curves to forecast the highs and lows of Bitcoin’s market cycle while filtering out short-term volatility.
As of the latest update, Bitcoin is trading at $94,502. Keep an eye on further developments by subscribing to email alerts or following updates on X, Facebook, and Telegram. Stay informed about price action and market trends to make informed decisions in the ever-changing world of cryptocurrency.