Top Analyst Says Bearish Bitcoin Pattern Will Be Invalidated if BTC Convincingly Breaks This Level

   2021-08-02 12:08

A popular crypto analyst who accurately predicted a pair of Bitcoin (BTC) price crashes says he might rethink a bearish call on BTC if it convincingly breaks a certain price level.

The pseudonymous analyst, known as Dave the Wave, tells his 70,100 followers that no significant rallies will happen for Bitcoin until it crosses a long, descending resistance looming just above BTC’s current price.



“Doesn’t even start to get that interesting until this line were crossed….”

Image
Source: Dave the Wave/Twitter

Dave the Wave has previously called for Bitcoin to grind its way down to around $20,000 before resuming a macro bull trend. Now the closely followed analyst says that a strong move above the $45,000 BTC level could invalidate the forecast.

“The good news is that if this shorter-term/medium-term fractal played out, a 61% retracement would only take price to the top of the ‘buy zone.’ This pattern would be invalidated if price were to convincingly break $45,000 soon.”

Image
Source: Dave the Wave/Twitter

According to the top analyst’s chart, the “buy zone” is around $23,000, or roughly a 49% drop from BTC’s current price of $39,644.

Dave the Wave accurately called Bitcoin’s crash from $11,400 to $6,400 in 2019. He also warned Bitcoin bulls about BTC’s bearish price action prior to the crash in May and says BTC’s current momentum is mimicking the 2018 bear market.

The analyst has also predicted a similar fate for Ethereum in the coming months, forecasting a drop to $1,350 by sometime in early September, which would bring the asset down by nearly 50% from current prices.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

Source: https://dailyhodl.com/2021/08/02/top-analyst-says-bearish-bitcoin-pattern-will-be-invalidated-if-btc-convincingly-breaks-this-level/

YouTube video


Original Source


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin42,446 0.40 % 0.96 % 9.95 %
Ethereum2,936.0 1.34 % 3.56 % 14.28 %
Tether1.000 0.15 % 0.15 % 0.27 %
Cardano2.110 2.14 % 0.30 % 12.17 %
Binance Coin359.11 1.06 % 2.01 % 13.32 %
XRP0.9406 1.00 % 0.20 % 14.20 %
Solana133.15 1.78 % 4.09 % 15.39 %
USD Coin1.000 0.05 % 0.13 % 0.01 %
Polkadot28.45 2.84 % 1.99 % 24.20 %
Dogecoin0.2107 0.35 % 1.05 % 12.61 %
Avalanche64.34 2.68 % 9.31 % 25.15 %
Binance USD1.000 0.10 % 0.13 % 0.14 %
Terra27.40 2.84 % 0.91 % 22.85 %
Uniswap20.15 0.40 % 4.76 % 21.67 %
Chainlink22.78 1.50 % 3.18 % 25.27 %
Litecoin153.86 0.76 % 3.05 % 16.04 %
Bitcoin Cash523.17 0.67 % 2.68 % 18.32 %
Algorand1.690 1.65 % 0.68 % 17.44 %
Cosmos33.40 3.59 % 4.26 % 2.73 %
Wrapped Bitcoin40,728 1.65 % 5.40 % 9.79 %