An analyst who rightly called the market top in 2021 says May this year could be one of the last big opportunities for investors bullish on Bitcoin (BTC).
The pseudonymous analyst known as Dave the Wave tells his 143,000 followers on social media platform X that Bitcoin could correct in the first quarter of this year.
However, Dave the Wave says that the correction could ultimately provide an optimal entry point for those looking to go long Bitcoin for the next major extension of the bull market.
“BTC Forecast:
Everyone will say sell in May and get out… when it might be exactly the best time to buy [for those that haven’t already].”
Dave the Wave uses his version of logarithmic growth curves (LGCs), which aim to predict the highs and lows of Bitcoin’s market cycle while filtering out short-term volatility.
According to the trader, the LGC support levels are likely about to be tested either at the longer-term channel, near $30,000, or possibly at $38,000, if the shorter-term ascending channel remains intact.
“The LGC BTC ‘stress test’:
slight possible consolidation of 38% of the recent rise within the technical channel.
heavy – possible 38% correction of the entire channel itself.
Still all good for investors who bought [and buying] the LGC purchasing zone [lower shaded].”
At the time of writing, Bitcoin is trading at $41,106, down 1.15% in the past 24 hours.
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Generated image: Midjourney