Bitcoin

According to KOL Dave the Wave, this is the worst case scenario for Bitcoin

An analyst who correctly labeled the May 2021 Bitcoin crash is now revealing his worst-case scenario for BTC.

The analyst, nicknamed Dave the Wave, told his 90,000 Twitter followers that Bitcoin has lost a key support level at $40,000 and faces more downside risks.

According to him, bitcoin could drop towards the $30,000 support or $25,000 in a more bearish scenario.

“OH. The problem is that if BTC loses that $40,000 zone, there won’t be much support below it…

But the support remains.

The best case is an adjustment to $30,000. The worst case scenario is $25,000.

Prices remain bullish over the long term.”

BTC/USDT daily chart | The source: Dave the Wave/Twitter

Dave the Wave uses a Fibonacci extension and points to a favorable head and shoulders pattern to identify a $25,000 downside price target for BTC.

“For those wondering about the Fib extension here, it measures a potential target of a head and shoulder pattern.”

BTC/USDT daily chart | The source: Dave the Wave/Twitter

The analyst added that the benchmark cryptocurrency must first decisively break the descending resistance line ($41,000) for Bitcoin to generate bullish momentum.

“Think it’s that simple.

BTC needs to make a higher low and break the resistance line before thinking of a trend reversal.”

BTC/USDT daily chart | The source: Dave the Wave/Twitter

At the time of writing, Bitcoin is trading at $35,401, down almost 50% from its all-time high of $69,000.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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