A crypto trader and analyst who accurately predicted the May 2021 crash for Bitcoin describes the worst-case scenario for BTC as it has dropped roughly 50% from its all-time high for the second time in a year. Analyst’s previous accurate predictions cryptocoin.comYou can learn from this address.
What does the worst-case scenario indicate for Bitcoin?
The analyst, nicknamed Dave the Wave, tells his 90,000 Twitter followers that Bitcoin has lost a key $40,000 support level and is at risk of more downside. According to the analyst, Bitcoin will likely reach support at $30,000, but it also seems vulnerable to a drop to $25,000 in a bear scenario:
Ah! The problem is, when it loses the $40,000 area, there isn’t much support below. But there is support. The best-case (continued correction) scenario is $30,000. The worst case scenario is $25,000. Macro bull.
Dave the Wave uses Fibonacci extensions and also identifies a possible bearish head and shoulders pattern to gauge a $25,000 bearish target for BTC:
For those wondering about Fib extension here, a potential head and shoulders measure.
The closely-followed crypto analyst states that for Bitcoin to create bullish momentum, the leading crypto asset must first convincingly break above a descending resistance currently around $41,000:
Keep it simple folks. Again a lower level and this price’s resistance lines would have to cross before considering a trend reversal.
At the time of writing, BTC was trading at $35,201, down almost 50% from its all-time high of $69,000.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.