Trader Who Called May 2021 Bitcoin Collapse Warns of Significant BTC Correction in Coming Months – Crypto News – Crypto News
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Trader Who Called May 2021 Bitcoin Collapse Warns of Significant BTC Correction in Coming Months Trader Who Called May 2021 Bitcoin Collapse Warns of Significant BTC Correction in Coming Months

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Trader Who Called May 2021 Bitcoin Collapse Warns of Significant BTC Correction in Coming Months – Crypto News

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2 years ago

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A trader known for making timely calls in the crypto space is warning that Bitcoin (BTC) may undergo a severe market correction within the next few months.

Pseudonymous analyst Dave the Wave tells his 139,400 X followers that Bitcoin may collapse to the lower bound of its logarithmic growth curve (LGC) before the end of the year.

The LGC aims to estimate Bitcoin’s long-term highs and lows throughout its lifetime while ignoring short-term volatility.

Says the analyst,

“In the course of eight months, BTC price has done a 2x from the bottom to the top of the LGC buy zone.

Would it be such a terrible thing IF price consolidated 38% of that move back to the base over the next few months?

I mean, it would still be in the buy zone for longer-term investors.”

Source: Dave the Wave/X

Looking at the analyst’s chart, he seems to predict the 38% drop from this year’s high could put Bitcoin at about $24,000 around December 2023.

According to the trader, the LGC model shows Bitcoin has reached a critical crossroads between resistance and support levels at its current value, indicating a significant price move is on the horizon.

“X marks the spot.

Your move BTC.

Interesting that both lines of support and resistance [shorter term] meet the upper and lower lines of the LGC buy zone on the same timeline.”

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Source: Dave the Wave/X

He also says that the recent sideways trading of Bitcoin is a telling sign that the crypto king is evolving as an asset.

“The good news about all this waiting due to an increasing stabilization of price [from the macro perspective] is that BTC is becoming less volatile as it matures on its path toward eventual price discovery.”

Image
Source: Dave the Wave/X

Bitcoin is trading for $29,571 at time of writing, up 0.7% in the last 24 hours.

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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/Urboshi/Chuenmanuse

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