Renowned analyst who predicted Bitcoin price top at $69,000, now claims the bottom is at $24,000
- Crypto analyst who called the Bitcoin collapse of May 2021 believes BTC price is headed to a bottom at $24,000.
- Analysts suggest that Bitcoin price would ultimately form a double bottom top pattern before hitting lows at $29,000.
- Analysts believe Bitcoin price could reach its bottom in June 2022 according to trend indicators.
Bitcoin price could nosedive to a new bottom at $24,000 according to analysts that believe a fresh sell-off is imminent. In May 2021, the same analysts predicted the crash that occurred then and have since been following the assets price evolution closely. The now see indications of a new bottom on the horizon.
Also read: Analysts fear Bitcoin price correction below $29,000 as BTC decouples with stock markets
Bitcoin price could hit bottom at $24,000 according to analysts
Dave the Wave, is a leading cryptocurrency analyst and YouTuber, popular for predicting the May 2021 bloodbath in Bitcoin price. The analyst accurately predicted the May 2021 crash in Bitcoin, when BTC price hit $25,400, and the double top pattern at $69,000. Popular for his notoriously accurate predictions, the analyst recently revealed his thoughts on fresh evidence Bitcoin will form a new price bottom.
I think this was my first mention of a double top [back when it was an anathema]. If a double top, why not a double bottom....? https://t.co/D2cDPgmttZ
— dave the wave (@davthewave) May 13, 2022
The analyst believes Bitcoin price is headed back towards its May bottom and will soon turn over and begin its descent. Dave told his 1.11 million Twitter followers that he foresees Bitcoin trading near its 48-month moving average. According to the analyst, this is the spot where Bitcoin historically tends to hit bottom.
Dave was quoted as saying,
Arguably, another month in it [on the basis of this metric]… which is what you’d expect if [Bitcoin] price is to re-test the lows over the course of this month.
Three indicators that signal the Bitcoin price bottom
Dave believes Bitcoin’s Logarithmic Growth Curve channel, Moving Average Convergence/Divergence (MACD) and Relative Strength Index (RSI), are signaling that the bottom will be hit in the next few months.
These technical indicators are used to identify strong trading signals and identify overbought or oversold territory in a cryptocurrency. At the current levels, the analyst believes these indicators signal that Bitcoin price could hit its bottom ($24,000), as early as this month, June 2022.
The analyst was quoted as saying,
Comparison of the Bitcoin weekly MACD structure is looking promising…[for Bitcoin price bottom]
Bitcoin weekly MACD chart
Diminishing Bitcoin price cycles theory
Dave supports the narrative of diminishing Bitcoin price cycles. He argues Bitcoin price cycles have become increasingly shorter and are “diminishing” with a rise in maturity in the crypto market.
Dave’s conclusion is similar to Benjamin Cowen’s, a leading crypto analyst who believes Bitcoin lengthening cycles are dead. The bear market has been here for months now, and is likely to rage on. Cowen applies Macro trading, an investment approach that considers factors such as inflation, interest rate and fiscal policy’s influence to Bitcoin price. He believes the bear market could persist and the long winter could be a macro “bottom” signal for Bitcoin price.
Analysts at FXStreet believe Bitcoin price could rally to $35,000 target over the weekend. For more information, watch this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
