Crypto Analyst Predicts Bitcoin Could Drop Below $90,000 Before Bull Market Resumes
In a recent update, a well-known crypto strategist who accurately predicted the digital asset crash in 2021 is now suggesting that Bitcoin (BTC) could see a significant drop below $90,000 before embarking on the final leg of its bull market. The analyst, known as Dave the Wave, shared his insights with his large following on social media platform X.
According to Dave the Wave, Bitcoin may be following a pattern similar to what was observed in 2023 and 2024. He posted a chart indicating that BTC might correct to around $82,000 and touch the 0.382 Fibonacci retracement level before showing signs of a recovery. The Fibonacci retracement level is a tool used by traders to pinpoint potential entry and exit points for an asset based on the Fibonacci sequence of numbers.
While Dave the Wave remains bearish on BTC in the short term, he also highlights that a drop to $82,000 could pave the way for a 119% surge in the cryptocurrency’s price. He poses the question, “Would BTC at $82,000 odd be so bad if it then enabled a move to $180,000…?”
Looking at the bigger picture, Dave the Wave believes that Bitcoin is set to reach a bull market peak in approximately seven months based on his logarithmic growth curve (LGC) channel. He utilizes his own version of logarithmic growth curves to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
At the time of writing, Bitcoin is trading at $94,502. The analyst’s predictions and insights have garnered significant attention from the crypto community, with many eager to see how Bitcoin’s price will unfold in the coming months.
For more updates and analysis on Bitcoin and other cryptocurrencies, be sure to follow Dave the Wave on X and stay tuned for further developments in the market. Subscribe to our email alerts to stay informed about the latest price action and trends in the crypto space. Stay connected with us on Twitter, Facebook, and Telegram for real-time updates and analysis.
As always, remember that cryptocurrency investments carry inherent risks, and it’s essential to do your own research and consult with a financial advisor before making any investment decisions.
Source: Dave the Wave/X
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