Bitcoin is trading in the range of $32.300 and $33.300 in the last 24 hours. BTC, which changed hands at $ 32,857 at the time of writing, brought a benefit of 0.5 percent. Given the current price situation, investors are wondering about the next levels of the leading cryptocurrency. A well-known cryptocurrency analyst who can predict critical highs and crashes in Bitcoin price says that traders should prepare for a general market correction. Anonymous cryptocurrency trader Dave the Wave reports that pullbacks in Bitcoin could extend until the end of 2021.
Dave the Wave: Bitcoin price pullbacks could take another five months
The anonymous cryptocurrency analyst told his 68,000 followers on Twitter that previous pullbacks in Bitcoin’s logarithmic growth curve (LGC) could take another five months, until the current correction by the end of 2021. The analyst said, “Just math. When the price moves the truth from the bottom to the top of LGC, it literally corrects 38 percent of the rise,” he said.
When we compare this correction with the previous one, the current price is half way… Now it has dropped to its first level. By time, by comparison again, the correction will actually extend to the end of the year. So 5 more months.
Long-term bullish expectation from the analyst
The trader says that the price of Bitcoin is likely to rise in the long run. “For those interested in the macro part: You are likely to be right to say that the price will always rise to much higher levels… sooner or later There is not much difficulty in that though. The challenge is to look for mid-term levels where the odds are less in your favour. ” he uses.
The analyst had claimed the valuable levels in the BTC price were real
The trader claimed that the Bitcoin price actually dropped from $11,400 to $6,400 in 2019. Besides, in the past years, he predicted that BTC would rise as high as $3,000 and see $11,000 before falling again to $8,000. In addition, Cryptocoin. com
Before the crash at the end of May, which we also reported as , it warned traders about Bitcoin price action. Now he says the current momentum mimics 2018.
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