A popular crypto trader who called the May 2021 Bitcoin (BTC) collapse isn’t phased by crypto’s bearish price action this week.
The pseudonymous analyst Dave the Wave tells his 129,800 Twitter followers that he has “zero” fear about the current crypto market woes, arguing that BTC is forming a bullish divergence on the weekly chart.
[adinserter block="1"]“BTC bullish divergence on the weekly.”
Dave the Wave notes that bullish divergences happen when prices reach a new low and an oscillator doesn’t. That can signal the conclusion of a downtrend, according to the analyst.
Bitcoin is trading at $17,256 at time of writing. The top-ranked crypto asset by market cap is up 1.3% in the past 24 hours.
Despite Bitcoin’s bearish price action, Dave the Wave thinks BTC could still explode by a whopping 3,400% over the next decade. He shares a chart demonstrating Bitcoin hitting nearly $550,000 by late 2032.
“BTC 3400% return in 10 years anyone?”
Crypto assets plummeted across the board this week after Tuesday’s stunning collapse of embattled exchange FTX’s native FTX Token (FTT).
After being seen as a pillar of stability in the crypto community during the summer’s bear market, FTX is dealing with what it has described as a “liquidity crunch” after facing a flood of speculation that it is relying far too heavily on holdings denominated in FTT.
FTT went from trading around $22 on Monday to changing hands at $2.35 at time of writing.
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