Bitcoin (BTC) Meltdown Incoming as Pseudonymous Analyst Dave the Wave Predicts a Big Move Down

A crypto strategist known for accurately calling the May 2021 Bitcoin meltdown predicts that BTC will undergo a big move down in the coming weeks.

A crypto strategist who nailed the May 2021 Bitcoin crash predicts BTC will be making a major move down the line.

The pseudonymous analyst, known as Dave the Wave, tells his 147,300 followers on social trading platform X that BTC might be mirroring a pattern observed last year, where Bitcoin printed new highs around $74,000 before dropping below $50,000.

Those disappointed not to have seen an immediate parabola should take solace in the technically superb nature of the chart.

Zooming in on the trader’s chart, he seems to be predicting that BTC will be correcting down to the 0.382 Fibonacci level at around $81,000 if it follows suit with last year’s price action. Traders use the Fibonacci extension tool to identify potential entry and exit points based on the Fibonacci ratio.

While Dave the Wave anticipates a Bitcoin pullback, he believes that BTC will eventually rally and hit as high as $260,00 by the end of the year based on his logarithmic growth curve (LGC) model and the moving average convergence divergence (MACD) indicator.

The LGC is designed to predict Bitcoin’s market cycle highs and lows while filtering out short-term volatility, and the MACD helps traders identify the direction of a trend and pinpoint potential reversal areas.

Says Dave the Wave,

Plenty of room on the BTC LGC channel and the monthly MACD…

Bitcoin is trading at $96,909 at time of writing.