A crypto analyst, who predicted the May 2021 Bitcoin (BTC) collapse, shared his new comments for Bitcoin. The expert thinks an “explosive rally” is coming for the biggest cryptocurrency. Here are the details…
Dave the Wave expects bullish for Bitcoin
The trader known as Dave the Wave has suggested that Bitcoin will start to move upwards from next month. To support this, he shared a Bitcoin chart that he showed will rise to $25,000 before the end of the year. In terms of technical analysis, he states that the level in question is in the cards. He states that this will be equal to a half-year base interval.
The crypto strategist expects Bitcoin to rally soon. However, he predicts that the coin will quickly correct up to $19,000 once BTC reaches its goal. Once the pullback is over, Dave the Wave thinks it will end Bitcoin’s six-month base cycle. Therefore, he predicts that it will rise above $30,000 by April next year. Bitcoin is changing hands at $19,265, down 0.9 percent at the time of writing. The cryptocurrency ranks first with a market cap of $370 billion. The analyst also uses the following terms:
It sounds like it will go on forever, but this baseline process (based on the Logarithmic Growth Curve) is proportional to the previous one. In BTC, there are less obvious macro lows and highs. This can be explained on the basis of a maturing market. The longer-term momentum is moving to the upper real.
What does the dominance of BTC indicate?
The analyst also shares a chart showing that Bitcoin dominance (BTC.D) may recover. However, he warns traders to remain cautious. He tells us to be careful about BTC dominance, pointing to the updated Fibonacci extension from a month ago. Koindeks.comAs we have also reported, the BTC.D chart shows how much of the entire crypto market price is related to Bitcoin.
A rising Bitcoin dominance chart notes that BTC is performing better than other crypto assets. But the analyst says that this does not always indicate the same movement and we should approach it with skepticism.