A widely followed crypto analyst warns Bitcoin may suffer a deeper correction if BTC fails to hold one key level.
Analyst Dave the Wave tells his 154,700 followers on X that Bitcoin needs to hold around $88,000 or it faces a deeper correction, after suddenly dipping this week below the $90,000 level.
[adinserter block="1"]“BTC chance of another leg down if this level cannot hold.”
The analyst says Bitcoin may revisit the $70,000 support level, a more than 22% decline from its current value.
“Some recent price action though is currently opposing this outlook in the formation of an ascending triangle in the more immediate term. A follow-through with a breakout to the fib extension target remains a possibility, but I think it more likely we see a further move to the downside.
Here price is likely to meet macro support at around the $70,000 level as seen on the multi-year chart. In nominal terms, it seems a huge drop. In real logarithmic terms it would be around a 25% correction of the rise since 2023.”
Veteran trader Peter Brandt, who accurately called Bitcoin’s 2018 crash, is also warning that a severe correction may be imminent for BTC.
Bitcoin is trading at $89,890 at time of writing, up 1.6% on the day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
