According to analysts, who expect a new selling pressure to come soon. bitcoin price It could create a new low with the $24,000 level. Predicting the collapse of price movements in May 2021, the analyst shared a new low level forecast.
Bitcoin Could Drop as Low as $24,000
Dave the Wave The analyst, known by the pseudonym, came to the fore when he predicted the collapse in May 2021. The analyst correctly predicted the May 2021 crash, when the BTC price reached $25,400 and the double top pattern reached $69,000. The analyst, who is famous for his accurate predictions, shared his thoughts that Bitcoin will form a new price floor in the near future.
I think this was my first mention of a double top [back when it was an anathema]. If a double top, why not a double bottom….? https://t.co/D2cDPgmttZ
— dave the wave🌊🐫 (@davthewave) May 13, 2022
Analyst, bitcoin He believes that the price has returned to the May low and will soon reverse and start a decline. The analyst predicts that on his Twitter account with 1.11 million followers, it will be close to Bitcoin’s 48-month moving average. According to the analyst, this represents the point where Bitcoin has historically tended to bottom out.
“Probably, another month based on this metric… this is what you would expect if Bitcoin price retests the lows during this month.”
Three Indicators That Show The Bottom Of The BTC Price
Dave the Wave believes that Bitcoin’s Logarithmic Growth Curve channel, Moving Average Convergence/Divergence (MACD) and Relative Strength Index (RSI) point to bottoming out in the next few months.
These technical indicators are used to identify strong trading signals and identify an overbought or oversold zone in a cryptocurrency. At current levels, the analyst believes these indicators suggest that the Bitcoin price could bottom out ($24,000) this month as early as June 2022.
Dave the Wave shares predictions to support the narrative of declining Bitcoin price cycles. The analyst argues that Bitcoin price cycles are getting shorter and “decreasing” with the increase in maturity in the crypto market.
Dave’s conclusion is quite similar to that of Benjamin Cowen, who came to the fore with his analysis. The bear market has been here for months and will likely only get stronger.
Cowen practices Macro trading, an investment approach that takes into account factors such as inflation, interest rate, and the impact of fiscal policy on the price of Bitcoin. He believes the bear market could continue and the long winter could be a macro “bottom” signal for Bitcoin price.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.