tl;dr
A crypto strategist, Dave the Wave, believes the worst of the current Bitcoin collapse is over. He suggests that Bitcoin is close to carving the price bottom of this correction, with downside potential limited based on technical indicators. Using the Fibonacci extension tool, he predicts a bottom fo...
Crypto strategist Dave the Wave predicts that Bitcoin's correction is nearing its end, with the potential for a 2x gain to $160,000. He utilizes technical indicators to suggest Bitcoin's bottom at $74,000, indicating limited downside potential. Dave the Wave's chart indicates that BTC may reach a new all-time high of $160,000 by the year's end.
A crypto strategist, Dave the Wave, believes that the worst of the current Bitcoin collapse is over. He suggests that Bitcoin is close to carving the price bottom of this correction, with downside potential limited based on technical indicators. Using the Fibonacci extension tool, he predicts a bottom for Bitcoin at $74,000, where multiple technical indicators converge to act as support. Despite some suggesting the end of the Bitcoin bull market, Dave the Wave predicts a potential over 2x gain, with Bitcoin soaring to a new all-time high of $160,000 before the end of the year.
A crypto strategist who accurately called the top of the 2021 Bitcoin bull market believes the worst of the current BTC collapse is now in the rearview mirror. Pseudonymous analyst Dave the Wave tells his 148,800 followers on the social media platform X that Bitcoin is close to carving the price bottom of this correction. According to the analyst, Bitcoin’s downside potential from current levels is limited based on several technical indicators. Traders use the Fibonacci extension tool to pinpoint potential reversal price areas based on the Fibonacci ratio. Looking at the trader’s chart, he seems to suggest that BTC will bottom out at $74,000 where three technical indicators are converging to act as support including the 0.5 Fibonacci level, the high time frame diagonal trendline and the one-year moving average. At the time of writing, Bitcoin is trading for $79,361. While some prominent crypto strategists believe that the Bitcoin bull market is now over, Dave the Wave predicts that BTC will witness an over 2x gain after plunging to the $74,000 price level. Based on the trader’s chart, he appears to predict that Bitcoin will soar to a new all-time high of $160,000 before the end of the year.