By Solomon Odunayo
A pseudonymous analyst and trader, who called the Bitcoin drop from $11,600 to $6,400 in 2019, has recently stated that the leading cryptocurrency could still face a price dip to $20,000 level.
The crypto trader popular known on Crypto Twitter as Dave warned that the significant trend of Bitcoin price from $20,000 to around $58,000 in a matter of a few months could end abruptly:
“When the parabola corrects, now or a little higher, predicting a 0.38% retracement as per previous spikes.”
When the parabola corrects, now or a little higher, predicting a 0.38% retracement as per previous spikes. pic.twitter.com/3Zg6MApWQH
— dave the wave🌊 (@davthewave) February 17, 2021
“More symmetries. The fib measurement from where price meets the bottom of the channel to where price would meet the top of the channel gives the previous peak as the center.”
More symmetries. The fib measurement from where price meets the bottom of the channel to where price would meet the top of the channel gives the previous peak as the center. pic.twitter.com/3oE2e3JP0o
— dave the wave🌊 (@davthewave) February 18, 2021
Read Also: Morgan Stanley Considers Bitcoin Bet for $150 Billion Investment Unit
Bitcoin (BTC) Could Potentially Top Out Around $68,500 before Major Correction
According to Dave, it’s possible for Bitcoin to maintain its surging trend until it reaches $68,500 price area before embarking on a major correction:
“Looking at this chart, it’s quite conceivable to see BTC back to 20K at some point. Up to the present price has spent a full 2/3s of its time in the ‘buy zone’. As the channel converges, and with increasing price discovery, it’s likely this ratio will decrease the near year long speculative episodes and equally long corrections should come to dominate in an increasingly liquid market at this transitional stage. Multi-year cycles, with extended bases, could become a thing of the past.”
– the near year long speculative episodes and equally long corrections should come to dominate in an increasingly liquid market at this transitional stage. Multi-year cycles, with extended bases, could become a thing of the past.
— dave the wave🌊 (@davthewave) February 15, 2021
Howbeit, the crypto strategist believes that the bear market may not last like the previous one that started in January 2018. He said Bitcoin could eventually regain its surging trend from $20,000 to $100,000.
Read Also: Ethereum (ETH) Breaks above $1,800 First Time in History
“Say price corrected to 20K and then went to 100K. The current price is exactly half-way to that target in real terms. Time wise, you also see a symmetry between the peaks.”
Say price corrected to 20K and then went to 100K. The current price is exactly half-way to that target in real terms.
Time wise, you also see a symmetry between the peaks. pic.twitter.com/D2hGECPLUx
— dave the wave🌊 (@davthewave) February 10, 2021
Peter Brandt Says Prepare For Bitcoin (BTC) Corrections on the Way to $200,000
The veteran trader, Peter Brandt, who has over 40 years of trading experience, has recently suggested that Bitcoin (BTC) could hit $200,000 during this bull cycle, but will have to meet a number of corrections on the way.
In a poll published by Peter Brandt on Twitter, targeted at determining how rough the journey to $200,000 for Bitcoin could be, over 60% of the responders believe that BTC would face up to six corrections before reaching $200,000 price milestone.
In the 2015-2017 bull market in $BTC, there were nine corrections exceeding 30%
Since the Mar 2020 low, there has been only one such correction
How many more corrections > 30% will occur before Bitcoin reaches $200,000?
— Peter Brandt (@PeterLBrandt) February 21, 2021
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