One of the few analysts to predict the start of Bitcoin’s 2019 retreat says BTC may be due for another correction.
The pseudonymous analyst Dave the Wave tells his 25,000 followers on Twitter that he believes the leading cryptocurrency remains in a descending triangle that dates back to late 2018.
Following this script, he expects a short-term bounce before another sell-off that could bring BTC to $8,300 sometime between March and May.
Sure enough, daily momentum looks to be turning around for a bounce… pic.twitter.com/nzuvK5mNkS
— dave the wave?? (@davthewave) March 4, 2020
Based on the analyst’s chart, that short-term bounce could send Bitcoin close to $9,500 this month before the correction begins.
Dave makes this prediction based on a reversing logarithmic moving average convergence and divergence (LMACD). This indicator is designed to reveal changes in an asset’s trend, strength and momentum.
Last June, Dave correctly called the start of Bitcoin’s 2019 retracement. He expected Bitcoin to drop to just above $6,000 before the end of 2019. His prediction turned out to be remarkably accurate, as BTC hit a yearly low of $6,425 in December.
Bitcoin is trading at $8,745, down 4% at time of publishing.
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