A crypto trader and analyst who twice correctly pinpointed a pair of local Bitcoin tops, is now attempting to spot the Bitcoin bottom as well.
Pseudonymous crypto trader Dave the Wave, who accurately predicted Bitcoin’s crash to $6,400 from $11,400 in 2019 and recently warned traders about upcoming bearish Bitcoin price action prior to the late-May crash, is issuing a new outlook on the flagship cryptocurrency.
[adinserter block="1"]Though Bitcoin crashed all the way down to $30,000 from a high of $64,000 in late-May and has failed to recover the $40,000 level, Dave believes BTC’s corrective move may not be finished.
Dave spotlights a familiar chart that shows Bitcoin correcting for a year and finding a bottom at around $20,000.
What a difference a few months make…. https://t.co/UmxAc1oxSc
— dave the wave?? (@davthewave) June 9, 2021
The trader’s charts compare Bitcoin’s current move with corrective periods of the past, which indicate that Bitcoin may be destined for bearish price action until the start of 2022.
The trader also charts the Bitcoin fibonacci retracement levels, which are areas at which the asset is likely to meet support or resistance.
Dave identifies a key resistance level at around $42,000, and spotlights key areas of support for Bitcoin to hold onto at $33,000, $27,000 and about $20,000 and then $16,000.
Bitcoin is up 13% on the day, at time of writing, sitting at around the $37,000 level.
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