Analyst Who Predicted May 2021 Bitcoin Collapse Charts Potential BTC Capitulation Scenario

An analyst reporting the collapse of Bitcoin in May 2021 outlines possible scenarios for BTC, including a dramatic capitulation event.
The pseudonymous analyst known as Dave the Wave tells his 98,000 Twitter followers that Bitcoin is likely to drop below $25,000.

For reference, he uses the May 2021 and November 2021 correction periods as examples of what BTC traders might see next.

“If we get a bitcoin move comparable to the previous two if we look at the $25,000 region.”
Source: Dave the Wave/ Twitter
The analyst also points out that despite the bearish price action over the past few weeks, BTC still has significant downside potential as suggested by the 200-week moving average (MA). Dave der Wave says that Bitcoin is still well above its 200-week moving average and that its 20-week moving average historically tends to revisit the 200-week MA before a bear market is over.

“One for the bullish bears and the bearish bulls.

Note that the 200-week MA is quite high [above the previous peak]…. as the 20-week MA moves towards it…”
Source: Dave the Wave/ Twitter
While the analyst says an extended downtrend is the most likely scenario for Bitcoin, he notes that zooming out, BTC is still in a strong long-term uptrend.

“Some of the more optimistic theories may have fallen victim as the price of Bitcoin the market has evolved, but the macro bull market remains…not to mention that [logarithmic growth channel].”
Source: Dave the Wave/ Twitter
Check the price action