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.
#Bitcoin going forward, something like this wouldn’t surprise me… pic.twitter.com/l7geQwTclh
— dave the wave🌊🐫 (@davthewave) May 22, 2022
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.
It helps to step away from the chart, and look at something like the #Bitcoin weekly.
The comparison is not everything, but neither is it nothing. It is something to go by… pic.twitter.com/k3HRgmF8Uf
— dave the wave🌊🐫 (@davthewave) May 20, 2022
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.
*On the basis of this metric*, the logarithmic version of the monthly MACD, which I’ve been using to good effect since near forever, the #Bitcoin low looks pretty much in. pic.twitter.com/ZsaFWxvaUd
— dave the wave🌊🐫 (@davthewave) May 19, 2022