The crypto strategist who accurately called Bitcoin’s 2021 collapse says BTC remains bullish despite correcting over 15% in about a week.
The pseudonymous analyst known in the industry as Dave the Wave tells his 124,000 Twitter followers that Bitcoin may be mirroring its 2018 bottom where it printed an ascending triangle pattern to crawl out of the bear market.
“You can measure the fractal with a real [Fibonacci]… or just use the comparative angle. Plenty of wiggle room while staying bullish on the macro.”
According to the crypto analyst, Bitcoin continues to respect key Fibonacci retracement levels amid the pullback.
“Currently a 50% retracement of the recent move up. And a 38% retracement of the macro.”
At time of writing, BTC is trading at $21,286, above Dave the Wave’s key Fibonacci area of $21,000.
Although Dave the Wave says BTC still looks bullish, fellow crypto analyst Smart Contracter does not share the same sentiment. The crypto strategist who accurately predicted the 2018 bear market bottom for Bitcoin believes BTC is poised to print a new cycle low.
“My god that was fast. Probably not interested in buying any BTC until it makes a new low below $17,000 now. That chart is ugly as hell.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Natalia Siiatovskaia/Tithi Luadthong
