Dave the Wave, a pseudonym of a cryptocurrency analyst who accurately predicted the bitcoin (BTC) crash of May 2021, now shares with his 110,000+ followers that he thinks bitcoin could rise again. He indicates in his analysis that BTC can seek its long-term diagonal resistance.
He indicates via Twitter that bitcoin may be preparing for a short-term rise towards this target by means of an ascending trend channel. The analyst does indicate that his target of $39,547 is somewhat on the speculative side and will only hold if the ascending trend channel is maintained.
#Bitcoin shorter term: pic.twitter.com/v2yQCzcpxw
— dave the wave🌊🐫 (@davthewave) June 6, 2022
Bitcoin (BTC) bottom has been reached
He also has to remember that we have reached the bottom of the bear market in the meantime. Dave was able to draw this conclusion by looking at the chart in the tweet below. Here he saw that every bear market so far has bottomed out on the four-year moving average on the monthly chart.
A tricky one.
Touch and go on the LGC. Support on the 4 year moving average… pic.twitter.com/ZLsIDh8Duu
— dave the wave🌊🐫 (@davthewave) June 4, 2022
While Dave the Wave remains cautious, he’s pretty sure bitcoin won’t go back to the all time high from 2017. He indicates that investors who do think this should be aware of how hard bitcoin has already fallen.
“Last year no one thought that the bitcoin price would fall to its previous all-time high and yet there are many clarion calls now. Is this possible? Sure, but people have to [hernieuwde] weighing up the risk against the downside risk…
I’m just amazed that I’m now more optimistic than the ‘hyperbulls’ we saw on the way up, which have turned bearish, or neutral at best, since the recent capitulation.”
Of course, ultimately no one knows what the course will do in the future, which is always important to remember. At the time of writing, the bitcoin price is struggling to break through the $30,000 mark, while the four-year moving average hovers around $22,000.
Crypto Insiders Predicted a Price of $28,800
Not only Dave the Wave knew how to predict bitcoin well. One of the analysts of the Premium environment of Crypto Insiders shares various technical analysis daily and clears on March 31when bitcoin’s price was at $47,000, predicting that bitcoin might drop to $28,800.
This is indeed where bitcoin fell so far. A new analysis and prediction of bitcoin has also been shared in this environment. Here too you can ask questions to one of the professional analysts of Crypto Insiders. Try it completely free for the first 30 days!