An analyst who called the collapse of Bitcoin in May 2021 outlines possible scenarios for BTC, including a dramatic event of capitulation.
A pseudonymous analyst known as Dave the Wave tells his 98,000 followers on Twitter that Bitcoin is likely to be below the $ 25,000 range.
For references, he uses the corrective periods in May 2021 and November 2021 as examples of what BTC traders might see next.
“If we come down with Bitcoin compared to the previous two, looking at the $ 25,000 region.”
The analyst also points out that despite bearish prices in recent weeks, BTC still has a significant downside as its 200-week moving average (MA) suggests. Dave The Wave says Bitcoin is still well above its 200-week moving average and that its 20-week moving average has historically tended to reconsider the 200-week MA before the bear market ends.
“One for bull bears and bear bulls.
Keep in mind that a 200-week MA is quite high [above the previous peak]…. while the 20-week MA goes down towards him… ”
Although the analyst says the prolonged downtrend is the most likely scenario for Bitcoin, he notes that BTC is still in a strong long-term uptrend.
“Several more optimistic theories may have fallen victim as the price of Bitcoin continues to evolve in the market, but the macro bull remains … not to mention [logarithmic growth channel]. ”
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