NewsTechnical analysis

Analyst Who Predicted The 2021 Bitcoin Crash Comes Up With New Prediction

Dave the Wave, a well-known analyst on Twitter with over 100,000 followers, has shared a new prediction for the bitcoin (BTC) price.

Bitcoin (BTC) to $200,000

Looking at the chart that Dave has shared we see that he expects the price to go down briefly first. The decline will most likely end around the Fibonacci level of 0.382. After all, this has been the bottom twice before.

When that level is reached, a period of sideways movement will follow. Eventually we will make a new all-time high around the end of 2023/beginning of 2024. His analysis also shows that we can even move towards $200,000 in this cycle.

Dave previously predicted the bottom for bitcoin

The analyst has previously tried to predict the bottom for bitcoin. He indicated that he thought the bottom for bitcoin would possibly be around $29,000 and so far seems to be right.

Mr. Wave, as we can see in the tweet below, compares BTC’s current price action to the 2018 price action when the price broke out of a downward triangle pattern before we hit the 200 weekly moving average. Based on that price action, bitcoin should have found its bottom by now.

Other technical indicators for BTC

Dave the Wave also keeps an eye on the moving average convergence divergence (MACD) on the monthly chart. He indicates that this is an important technical indicator as it allows you to find trend reversals.

Currently, bitcoin is at a price of around 30 000 USD after a very dull week. Of course, the above tweets are not financial advice. With the current uncertain situation in the world, anything remains possible.

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