Bitcoin News

Trader Who Nailed Bitcoin Top Twice Says This Is Where BTC Will Bottom Out

A crypto trader and analyst who twice correctly pinpointed a pair of local Bitcoin tops, is now attempting to spot the Bitcoin bottom as well.

Pseudonymous crypto trader Dave the Wave, who accurately predicted Bitcoin’s crash to $6,400 from $11,400 in 2019 and recently warned traders about upcoming bearish Bitcoin price action prior to the late-May crash, is issuing a new outlook on the flagship cryptocurrency.

 

Though Bitcoin crashed all the way down to $30,000 from a high of $64,000 in late-May and has failed to recover the $40,000 level, Dave believes BTC’s corrective move may not be finished.

Dave spotlights a familiar chart that shows Bitcoin correcting for a year and finding a bottom at around $20,000.

The trader’s charts compare Bitcoin’s current move with corrective periods of the past, which indicate that Bitcoin may be destined for bearish price action until the start of 2022.

Source: Dave the Wave

The trader also charts the Bitcoin fibonacci retracement levels, which are areas at which the asset is likely to meet support or resistance.

Dave identifies a key resistance level at around $42,000, and spotlights key areas of support for Bitcoin to hold onto at $33,000, $27,000 and about $20,000 and then $16,000.

Source: Dave the Wave

Bitcoin is up 13% on the day, at time of writing, sitting at around the $37,000 level.



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