Bitcoin could enter the next phase of the bear market, according to top analysts

Renowned analyst Dave the Wave, rightly calling for Bitcoin to crash in May, says BTC could also be on the verge of getting into the next phase of a bear market.

“Fibonacci of Time” [được vẽ từ đầu cuộc biểu tình parabol] signifies an inexpensive time for the price to be corrected. Another transfer close to the earlier decline would take Bitcoin in direction of the lows in the $ 20,000 area. It is just not sure, however it’s conceivable. “

BTC / USDT day by day chart | The supply: Dave the Wave / Twitter

According to the analyst’s chart, Bitcoin seems to mirror its price motion from December 2020 to May 2021, the place BTC rose from $ 20,000 to over $ 60,000 – earlier than correcting it by 50% to $ 60,000. Dave the Wave says an identical correction could trigger Bitcoin to drop to $ 20,000 earlier than the finish of the 12 months.

Despite Bitcoin’s latest energy, Dave the Wave says BTC is in a downtrend because it has continued to trade beneath the descending resistance line for a big interval of time.

“Bitcoin has but to shut the month-to-month candle above the descending resistance line. Simple”.

BTC / USDT month-to-month chart | The supply: Dave the Wave / Twitter

Although Dave the Wave is looking for an additional correction to Bitcoin, quantum analyst PlanB sees BTC rising to not less than $ 63,000 in the coming months.

“According to the S2F assessment, the Bitcoin floor for September is $ 43,000. Meanwhile, the lower bound was $ 63,000 in October. So September is just a data slip. There is nothing to worry about. “

The supply: PlanB / Twitter

PlanB depends on its stock-to-flow mannequin to make price predictions for Bitcoin. The mannequin predicts costs by measuring the accessible provide in relation to the manufacturing ratio.

SN_Nour

According to Dailyhodl

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