Analyst Who Called Bitcoin Collapse in May Plots ‘Worst Case Scenario’ for BTC As Crypto Markets Tumble

The crypto analyst and dealer who precisely referred to as Bitcoin’s prime just below $65,000 in May is now laying out his worst-case state of affairs for BTC.

The pseudonymous dealer, often called Dave the Wave, tells his 77,700 followers that Bitcoin’s present worth motion seems much like 2014, the place the main crypto asset plunged from round $988 right down to about $160.

 

“Whereas some have in contrast the PA (worth motion) to 2013, a comparability to 2014 can be of curiosity. Should you discover the chart alarming, remind your self:

1] That is simply TA (technical evaluation)
2] You may contemplate it stress-test/ danger administration of kinds.

And that might be my *worst case* state of affairs.”

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Supply: Dave the Wave/Twitter

Bitcoin is buying and selling at $43,145.41 at time of writing and is down greater than 16% in the previous two weeks, based on CoinGecko. Dave the Wave’s charts point out he sees the most important crypto asset by market cap dropping to a short-term goal of $37,500.

“Crunch time.”

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Supply: Dave the Wave/Twitter

The dealer additionally expresses doubt about “the golden cross,” a technical occasion seen by many merchants as an indication indicating future rallies.

“Why is the golden cross problematic? As a result of the 50 day cross of the 200 might simply be too brief a time reference/ choice.”

Dave the Wave adds he doesn’t assume the correction will essentially trigger Bitcoin’s worth to have a large spike downwards to the place the main crypto asset may revisit costs under $20,000.

“Simply as you didn’t see a blow-off prime, you won’t see that huge capitulation spike down. As with all corrections, folks will little doubt be ready for decrease costs that by no means come. Over and out.”

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Featured Picture: Shutterstock/Fernando Cortes

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