One crypto expert who correctly predicted the May 2021 crash of Bitcoin is now predicting a rally that could push the price of Bitcoin back to its long-term diagonal barrier.
A pseudonymous analyst, Dave the Wave, informed his 112,100 Twitter followers that bitcoin is moving in an ascending channel and could be preparing for a short-term bounce in his forecast.
The strategist claims his target at $39,547 and calls it “speculative”. Also says that it is valid as long as the channel is open.
Trader to calculate risk management
Traders anticipating bitcoin will return to its 2017 cycle high of $20,000 should start thinking about risk management. Dave the Wave said this because BTC is well below its all-time high.
Crypto experts are also considering the possibility that the bear market has already reached its base.
“At the same time, a low may already be set,” the analyst says.
Short-term volatility has always been the hardest to forecast because it is so unpredictable. In technical analysis, the longer term signals, as shown on the monthly chart, provide the highest dependence.”
Dave the Wave shows how bitcoin has often fallen after reaching its four-year moving average. This four-year moving average is viewed on a monthly chart measuring the longer term.
At the time of publication, bitcoin is trading at $29,610, down 5.49% over the past 24 hours.
