Crypto Analyst Who Nailed Bitcoin May 2021 Collapse Predicts Incoming BTC Rally – Here’s His Target

Crypto Analyst Who Nailed Bitcoin May 2021 Collapse Predicts Incoming BTC Rally – Here’s His Target

A crypto strategist who accurately called Bitcoin’s May 2021 meltdown is now predicting a potential rally that could send BTC toward its long-term diagonal resistance.

Pseudonymous analyst Dave the Wave tells his 112,100 Twitter followers Bitcoin is trading within an ascending channel and potentially gearing up for a short-term rally to his target.

“Bitcoin shorter term.” 

Source: Dave the Wave/Twitter

According to the crypto strategist, his target of $39,547 is “speculative” and is only valid as long as the channel holds.

Although Dave the Wave remains cautious, he says that traders who believe Bitcoin will revisit its 2017 cycle high of $20,000 should start thinking about risk management considering BTC is down big from its all-time high.

“No one last year conceived of Bitcoin price falling to the previous all-time high. And yet now clarion calls abound. Is it possible? Sure, but people need to balance the [renewed] risk to the upside against the risk to the downside…

Simply amazed that I am now more bullish than the ‘once were hyper-bulls,’ who have turned bearish, or neutral at best, since the recent capitulation.”

The crypto strategist is also entertaining the possibility the bear market bottom is already in.

“Equally, the low could already have been put in. Shortest-term volatility is always the hardest to predict as near random. It is the longer-term indicators, as per the monthly chart, that gives the most reliability in technical analysis.” 

Looking at the long-term timeframe, Dave the Wave shows how Bitcoin has always bottomed out after touching the four-year moving average on the monthly chart.

“Support on the four-year moving average.”

Source: Dave the Wave/Twitter

At time of writing, Bitcoin is trading for $29,807 while the four-year moving average on the monthly chart is hovering above $22,000.

Download our Android app, never to miss the latest news

Get it on Google Play

Original Source :dailyhodl.com

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you

Subscribe

* indicates required