The Bitcoin trader who saw the Bitcoin collapse in 2019 predicts that there is a big BTC run on the horizon, but not before shaking market participants.
In a new Twitter thread, crypto strategist Dave the Wave tells his 33,000 followers that while he believes Bitcoin will eventually break out of its current range and launch a new bullish cycle, he hopes that the largest cryptocurrency will go through a correction first. significant.
According to the pseudonym trader’s chart, the real currency may drop as low as $ 6,900 before recovering and breaking the diagonal resistance of the multi-year triangle. He says his short-term bearish outlook would be invalidated if the bulls manage to send the top cryptocurrency above $ 10,600. Dave says that a convincing breach of long-term resistance will push Bitcoin to $ 100,000 before the end of 2022.
Dave is not the only analyst who predicts a drop in the short term. Blackroots co-founder and crypto investment advisor Ryan Scott says BTC would not be out of the woods even if the multi-year consolidation breaks.
“No matter what, as a real warning to all those who are hyper optimistic [on] BTC. If this falls outside this range, at some point there will probably be a crazy shaking wick that violates what you consider to be the lowest minimum that could be violated for the market structure. “
