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One of the Few Crypto Strategists Who Predicted Last Year’s Bitcoin (BTC) Crash Issues New Warning

May 19, 2020

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An analyst who correctly called the beginning of Bitcoin’s big correction last year says that BTC is ripe for a pullback.

The pseudonymous trader Dave the Wave tells his nearly 30,000 followers on Twitter that the leading cryptocurrency is knocking on a resistance level that has kept the market bearish for over two years.

Should BTC continue to respect the long-term resistance, Dave the Wave sees a strong sell-off that could push the cryptocurrency down to $6,400.

Your move Bitcoin... pic.twitter.com/7ug4CsQg0p— dave the wave?? (@davthewave) May 15, 2020

Although he believes Bitcoin is likely headed for pain in the coming weeks, the technical analyst says that short-term price predictions can turn out to be noise as they are typically not as reliable as long-term price calls.

Should Bitcoin follow the script, Dave says out a coming dip may be an opportunity to buy BTC at lower levels.

The analyst highlights the price between $6,400 to $11,000 as the buy area for the top cryptocurrency in anticipation of the next bull rally. Dave predicts Bitcoin will surge to $100,000 by 2023 based on the leading cryptocurrency’s historical cycles and its diminishing returns.

In the volatile month of June 2019 when Bitcoin was moved from $7,986 to $13,000, Dave made a remarkably accurate prediction when he said that Bitcoin would plunge to around $6,000 before the end of 2019.

Bitcoin ended the year with a low of $6,425 in December.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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