- A renowned analyst who predicted the May 2021 BTC collapse trusts Bitcoin will bottom at $24K.
- Analysts believe Bitcoin would ultimately print a double bottom setup before hitting $29K lows.
- Trend indicators show BTC might hit its bottom this month.
A crypto analyst who trusts more impending declines sees Bitcoin plunging to print a near bottom around the $24K mark. The same individual predicted the May 2021 crash and has been tracking crypto price evolution. For now, he sees an imminent fall in Bitcoin price.
BTC Price to Bottom at $24K
Dave the Wave is a recognized YouTuber and crypto analyst known for predicting Bitcoin’s May 2021 crash. The expert accurately forecasted the double top at $69K and the following fall to $25.4K. Market players know Dave the Wave for his accurate projections. He recently disclosed his views on evidence that BTC will print a new bottom.
The analyst trusts BTC price will fall towards May’s bottom, translating to further plummets from the current price level. He told his over 1.1 million followers on Twitter that he foretells BTC, hovering around its 48-month MA. Dave said Bitcoin tends to touch bottoms at this level.
Indicators Signaling BTC’s Bottom
Dave trusts the RSI, MACD, and BTC Logarithmic Growth Curve point at the bottom for the leading crypto in the coming few months. Meanwhile, these technical indicators identify oversold/overbought regions and massive trading signs. The current levels have the indicators confirming a bottom ($24K) in June 2022.
Diminishing Cycles Theory
Dave the Wave supports the diminishing BTC price cycles theory. He states that BTC price cycles have increasingly shortened and diminished as the crypto market gains maturity. Dave’s thoughts align with Benjamin Cowen’s conclusions. Cowen is a leading cryptocurrency analyst who trusts BTC lengthening cycles have diminished.
Bears have dominated the crypto markets for months and are likely to extend their operations. Cowen uses a macro trading investment approach, which considers facets like inflation, monetary policy influence, and interest rate. He trusts the bear market might persist, translating to a long winter. Meanwhile, FXStreet analysts believe BTC may surge to $35K during the weekend.