A crypto strategist who correctly predicted the May 2021 collapse of the Bitcoin price has now revealed that he predicts a new potential rally for BTC.
The analyst, known by the alias Dave the Wave, told 112,100 Twitter followers that Bitcoin is trading in an ascending channel and is poised for a short-term rally. told.
“Bitcoin is the shorter-term timeframe.”
According to the crypto strategist, the $39,547 target is “speculative” and only valid as long as it stays in the channel.
While Dave the Wave remains cautious, he also issued a warning to traders who believe that Bitcoin (BTC) will revisit the 2017 cycle high of $20,000. The analyst noted that traders need to start thinking about risk management, considering that BTC has dropped from its all-time high.
“Last year, no one thought that the Bitcoin price had dropped to an all-time high. However, there are now quite a lot of calls to action. Is it possible? Of course, but people [yenilenmiş] A balance needs to be struck between upside risk and downside risk.
I’m surprised to be more bullish than the ‘once hyper-bulls’ who have been expecting further declines since the last dip, or neutral at best.”
The crypto strategist also evaluated the possibility that the bottom of the bear market for Bitcoin already exists.
“Likewise, the bottom may have already been formed. The shortest-term volatility is always the hardest to predict randomly. It is the longer-term indicators than the monthly chart that provide the most credibility in technical analysis.”
Additionally, looking at the long-term timeframe, Dave the Wave showed how Bitcoin always bottomed out after touching the four-year moving average on the monthly chart.
“Four-year moving average support.”
You can check the price movements here.
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.