The crypto analyst who called the May 2021 Bitcoin collapse and the double top pattern at $69,000 says that the bottom is nearly in for BTC.
The pseudonymous analyst known as Dave the Wave tells his 99,000 Twitter followers that he foresees Bitcoin trading near the 48-month moving average, a spot where BTC historically tends to carve a bottom.
“Arguably, another month in it [on the basis of this metric]… which is what you’d expect if price is to re-test the lows over the course of this month.”
The closely followed crypto analyst says that the Bitcoin bottom could be established as soon as this month.
In October of 2021 when Bitcoin was surging past the $60,000 price mark, Dave the Wave suggested that BTC would ultimately form a double top pattern near $65,000 or so before coming back down and forming a double bottom near the lows at $29,000.
“I think this was my first mention of a double top [back when it was an anathema]. If a double top, why not a double bottom….?
The crypto strategist adds that the weekly moving average convergence divergence (MACD), which is a trend-following indicator, suggests that BTC looks poised to print a bottom.
“Comparison of the Bitcoin weekly MACD structure is looking promising…”
Bitcoin is changing hands at $29,922 at time of writing.
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