A popular crypto trader says there’s a “good chance” that the bearish decline of Bitcoin (BTC) to $25,000 is invalidated.
The pseudonymous analyst Dave the Wave tells his 93,700 Twitter followers that BTC has broken its downward channel.
“Ideal target of 25K looking less likely/invalidated. In weighted terms, got 70% of the way there from the top, once again falling a Fibonacci level short.”
Even if that channel is broken, the analyst cautions that prices could still fall.
Dave the Wave says BTC could end up in “wide choppy range.” He notes that Bitcoin’s monthly and weekly moving average convergence divergence (MACD) metrics are displaying mixed signals. MACD metrics are trend-identifying indicators.
“Weekly MACD strengthening after re-setting to the zero-line.
Monthly MACD still consolidating toward the zero-line.
= the likelihood of sideway ranging and some further consolidation.”
BTC is trading at $43,525.58 at time of writing. The top crypto asset by market cap is up more than 12.5% in the past seven days.
Dave the Wave also notes that Bitcoin could be on a potential path to $100,000 by late this year or early 2023.
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