An analyst who accurately predicted the crypto -meltdown three years ago warns that Bitcoin (BTC) shows Bearish signals, which suggests that current consolidation can solve to the disadvantage.
Pseudonym Dave the Wave tells his 148,300 followers on the social media platform X that he monitors Bitcoin’s advancing average convergence -Divertie (MACD) -indicator on the weekly map.
Traders use the MacD to identify the trend of an active and to spot potential input and exit points.
According to the Trader, Bitcoin’s MacD looks Ready for a reset after a bearish cross, which suggests that BTC is almost witnessing a correction and falls below $ 90,000.
“BTC weekly MacD is reset to the Nullin on the road.
Technical consolidation and the chance of a push to new highlights later in the year. ”
With regard to his downward target for Bitcoin, Dave the Wave looks at the daily map of BTC and says that it seems to follow inactive in the footsteps of his 2024 price promotion when the flagship digital actively rose to a peak of $ 74,000 before he collected under $ 50,000.
“The BTC indemnity.”
Looking at the graph of the trader, he seems to suggest that Bitcoin will fall to the 0.382 Fibonacci level at $ 80,000 before he starts the last stage of his bullmarkt.
With the Fibonacci Extension Tool, traders can see potential entry and exit levels based on the Fibonacci ratio.
While Dave de Golf is briefly in the medium term BEARISH on Bitcoin, he remains a BTC bull in the long term. Earlier this month, the trader predicted that the correction would be followed quickly by a parabolic rally to the price level of $ 260,000 before 2025 expires.
At the time of writing, Bitcoin acts for $ 95.503.
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Generated image: midjourney