Bitcoin Bottom In? Top Analyst Says Bearish Case for $25,000 BTC Invalidated – Here’s Why

A popular crypto trader says there’s a “good chance” that the bearish decline of Bitcoin (BTC) to $25,000 is invalidated.

The pseudonymous analyst Dave the Wave tells his 93,700 Twitter followers that BTC has broken its downward channel.

“Ideal target of 25K looking less likely/invalidated. In weighted terms, got 70% of the way there from the top, once again falling a Fibonacci level short.”

Source: davthewave/Twitter

Even if that channel is broken, the analyst cautions that prices could still fall.

Dave the Wave says BTC could end up in a “wide choppy range.” He notes that Bitcoin’s monthly and weekly moving average convergence divergence (MACD) metrics are displaying mixed signals. MACD metrics are trend-identifying indicators.

“Weekly MACD strengthening after re-setting to the zero-line.

Monthly MACD still consolidating toward the zero-line.

= the likelihood of sideway ranging and some further consolidation.”

BTC is trading at $43,525.58 at time of writing. The top crypto asset by market cap is up more than 12.5% in the past seven days.

Dave the Wave also notes that Bitcoin could be on a potential path to $100,000 by late this year or early 2023.

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Featured Image: Shutterstock/INelson


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