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Trader, who named Bitcoin Collapse in May, suggests another massive BTC correction is possible:

A widely respected crypto analyst known for making the great correction from Bitcoin citing in May 2021 says there is an argument for another significant breakdown.
The analyst known as Dave the Wave is giving his 86,000 followers a raft of warning signs that Bitcoin could be on the way to a decline of as much as $ 25,000.

According to Dave the Wave, a drop to $ 25,000 would match five different technical metrics.

“The arguments for 25K:

– Encounter with the Gaussian Canal
– Meeting of the 4-year employee (moving average)
– Meeting with the lower channel of the LGC (logarithmic growth curves)
– Measured goal for a head and shoulders [on shorter-term charts]
– Measured real retracement of 50% of the most recent parabolic rise. “
Source: Dave the Wave / Twitter
Gaussian channels are a momentum indicator that can be used to identify highs and lows in prices. According to the analyst, a drop to $ 25,000 would also be a potential target if a head-and-shoulders pattern was playing out, which is a pricing structure used to detect a trend reversal.

The analyst takes a look at the various times Bitcoin was at the bottom of the logarithmic growth curves (LGC). He appreciates the BTC when in a long Bear market should occur that may not bottom out at $ 28,000 in 2023.

“Value at the Base of LGC in the past 6 years or so:

2016 – 0.4K
2019 – 4K
2022 – 21K

2023 – 28K. “
Trader, who named Bitcoin Collapse in May, suggests another massive BTC correction is possible:, Crypto Trading NewsSource: Dave the Wave / Twitter
Finally, the analyst maintains another scenario in which Bitcoin drops to around $ 28,000 before rising above the six-digit mark as early as May 2022.

“Possible fractal with an outbreak to new ATHs as early as May next year.

I would say some would be at a loss as to whether this is bullish or bearish. “
Trader, who named Bitcoin Collapse in May, suggests another massive BTC correction is possible:, Crypto Trading NewsSource: Dave the Wave / Twitter
At the time of writing, Bitcoin is trading at $ 47,802.

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Source: Crypto News Deutsch

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