A well-known analyst, rightly calling for Bitcoin’s major correction in May 2021, says another significant decline is likely.

Nicknamed Dave the Wave in the industry, the person is delivering a series of warning signs to his 86,000 followers that Bitcoin could be on its way to a decline to $ 25,000.

According to Dave the Wave, a drop to $ 25,000 will meet five different technical indicators.

“Arguments for 25K:

– Check the Gaussian channel
– Renewed testing of the 4-year employee
– retest the LGC sub-channel (logarithmic growth curve)
– The goal of the dominant head-and-shoulders pattern [trên biểu đồ ngắn hạn] – Test the 50% Fib retracement level from the most recent parabolic rally again. ”

The source: Dave the Wave / Twitter

The Gaussian Channel is a momentum indicator that can be used to identify highs and lows of prices. According to the analyst, a drop to $ 25,000 will provide an excellent long-term buy point.

The analyst looks at the different times that Bitcoin hits the lower LGC channel. He estimates that if BTC enters a long-term bear market, it may not bottom out at $ 28,000 until 2023.

“The * base value * of LGC for the past 6 years or so:

2016 – 0.4 thousand VND
2019 – 4 thousand VND
2022 – 21 thousand VND

2023 – 28 thousand “.

The source: Dave the Wave / Twitter

Ultimately, the analyst offers another scenario in which Bitcoin drops to around $ 28,000 before rising into the six-digit range in May 2022.

“Fractal could happen next May with an outbreak to new ATH.

I think some people are confused as to whether this is an upward or a downward trend. ”

The source: Dave the Wave / Twitter

At the time of writing, Bitcoin is trading at $ 46,802.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

• Whales wake up after more than 10 years of hibernation, moving 500 BTC
• December 30th Technical Analysis: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page