Analyst Who Called May 2021 BTC Collapse Predicts Explosive Rally For Bitcoin – But There’s A Catch
A popular cryptoanalyst who called the May 2021 Bitcoin (BTC) collapse believes an explosive rally for the crypto king is on the horizon.
The pseudonymous trader known as Dave the Wave stock a chart with his 128,000 Twitter followers showing Bitcoin beginning an upward move from next month and increasing to the $25,000 range before the end of the year.
“Technically, this is on the cards … which would equate to a half-year long bottom range.”
Although the crypto strategist expects Bitcoin to rally soon, he sees BTC immediately correcting all the way back to $19,000 after the king crypt hits his target. Once the pullback is over, Dave the Wave predicts that Bitcoin will rise above $30,000 by April of next year to end the six-month trough.
BTC is trading at $19,302 at the time of writing. The top-ranked crypto asset by market capitalization is down 0.9% in the last 24 hours.
Says Dave the Wave,
“Feels like forever, but this bottom process (on the basis of [Logarithmic Growth Curve]) is consistent with before. A less pronounced macro BTC bottom and top (obviously on the basis of a maturing market). Long-term momentum is moving up.”
The analyst too stock a chart indicating that Bitcoin (BTC.D) dominance could return, though he cautions traders to take it “with a grain of salt.”
“Updated [Fibonacci] extension from a month back… Take BTC [dominance] with a grain of salt due to the heavy component of the stable (for those projecting/predicting the effect of altars on it).”
The BTC.D chart shows how much of the entire crypto market value belongs to Bitcoin. A bullish Bitcoin dominance chart suggests that BTC is outperforming other crypto assets.
Bitcoin is still more than 72% down from its all-time high of more than $69,000, reached nearly a year ago.
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