As you can see from this article, crypto expert Dave the Wave, who predicted the May 2021 market crash, warns that Bitcoin (BTC) could drop significantly while staying long-term positive. Let’s examine the current technical analysis, keeping in mind that there is no certainty in its forecasts.
Predictive analyst awaits these lows in Bitcoin price
Popular crypto analyst nicknamed Dave the Wave is studying the Bitcoin (BTC) chart until the summer of 2020 and is looking at price capitulations in April 2021 and from November to this January. indicates a long-term decline that lasts up to As the last run, which started earlier this month, fades, Dave envisions $25,000 as a possible Bitcoin bottom:
If we see Bitcoin (BTC) movement similar to the last two, we’re looking at the $25,000 region.
Analyst updates long-term bull expectations in Bitcoin
The analyst then performs technical analysis to examine Bitcoin’s annual moving average on weekly candles dating back to 2013 (TA) is trying to reassure anxious investors. The analyst, who says that the bull expectations remain stable, says that the one-year moving average supports this expectation:
Up, up… If you do not want to feel dizzy from one day to the next, you use TA… For example, one-year moving average…
Dave the Wave concludes the BTC study by showing how despite years of bearish wedges, Bitcoin’s relative price and long-term outlook remains optimistic:
Previously on Twitter: Don’t think I’ve seen such a depressing environment. Perhaps equal and opposite to previous rallies. Remember people were saying that even if we get a solid correction, the macro remains bullish. Only those with unit bias do not see that the Bitcoin price is still high here.
Whales continue to accumulate BTC
On-chain analysis platform Whalemap, with its latest chart, announced that the buying behavior of its investors resembles late 2018, when the bear market bottomed out. According to the data, whales holding between 1,000 and 10,000 BTC are accumulating intensely to match December 2018, when the Bitcoin price saw $3,100. The BTC purchase volume of whales even surpassed March 2020, when the markets experienced the coronavirus crash. While Dave the Wave, which we have analyzed as
Kriptokoin.com, is waiting for the $35 bottom level in Bitcoin price, it seems that whales continue to buy BTC from low levels similar to late 2018.
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