The crypto strategist who accurately called the Bitcoin crash in May 2021 now predicts a potential rally that could send BTC toward long-term diagonal resistance.
Analyst Dave the Wave tells his 112,100 Twitter followers that Bitcoin is trading within an ascending channel and is likely to prepare for a short-term rally towards its target.
“Bitcoin in the shorter term.”
According to the crypto strategist, his target of $39,547 is “speculative” and is only Valid As long as the channel is solid.
Although Dave the Wave remains cautious, he says that traders who believe that Bitcoin will reconsider the $20,000 high of 2017 cycle should get started. thinking About risk management bearing in mind that BTC has dropped significantly from its all-time high.
“Last year no one imagined the price of Bitcoin dropping to an all-time high. However, now clear calls abound. Is it possible? Sure, but people need to balance [renewed] Risk upside vs downside risk…
Simply amazed that I am now more bullish than the “formerly hyper-bulls”, who have turned bearish, or neutral at best, since the last capitulation.
Crypto strategist is also amusing The possibility that the bottom of a bear market is already there.
“Similarly, it was already possible to set the bottom. Short-term volatility is always the most difficult to predict as pseudo-random. It is the long-term indicators, according to the monthly chart, that give the most reliability in technical analysis.”
Looking at the longer-term timeframe, Dave the Wave shows how Bitcoin always drops after touching the four-year moving average on the monthly chart.
“Support on the four-year moving average.”
At the time of writing this report, Bitcoin It is trading at $29,807 while the four-year moving average on the monthly chart is floating above $22,000.
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