An analyst who correctly called the beginning of Bitcoin’s big correction last year says that BTC is ripe for a pullback.
The pseudonymous trader Dave the Wave tells his nearly 30,000 followers on Twitter that the leading cryptocurrency is knocking on a resistance level that has kept the market bearish for over two years.
Should BTC continue to respect the long-term resistance, Dave the Wave sees a strong sell-off that could push the cryptocurrency down to $6,400.
Your move Bitcoin... pic.twitter.com/7ug4CsQg0p
Your move Bitcoin... pic.twitter.com/7ug4CsQg0p— dave the wave (@davthewave) May 15, 2020
Although he believes Bitcoin is likely headed for pain in the coming weeks, the technical analyst says that short-term price predictions can turn out to be noise as they are typically not as reliable as long-term price calls.
Should Bitcoin follow the script, Dave says out a coming dip may be an opportunity to buy BTC at lower levels.
The analyst highlights the price between $6,400 to $11,000 as the buy area for the top cryptocurrency in anticipation of the next bull rally. Dave predicts Bitcoin will surge to $100,000 by 2023 based on the leading cryptocurrency’s historical cycles and its diminishing returns.
In the volatile month of June 2019 when Bitcoin was moved from $7,986 to $13,000, Dave made a remarkably accurate prediction when he said that Bitcoin would plunge to around $6,000 before the end of 2019.
Bitcoin ended the year with a low of $6,425 in December.
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