A well-known cryptanalyst who has gained popularity by accurately predicting a market crash in 2019 is warning traders that the price of bitcoin could drop to lower ranges.
In a new tweet, the crypto trader known in the industry as Dave the Wave has provided his own technical analysis that indicates Bitcoin is heading for a temporary bearish turn.
* Short-term * channel is formed. You know what to do.
Dave the Wave, who accurately predicted Bitcoin’s crash to $ 6,400 from $ 11,400 in 2019, reiterates that he sees bearish settings on short time frames.
Cryptocurrency trader also showsthat Bitcoin’s price movement is another sign that a leading digital asset is about to turn around and head south.
Of course there is no certainty but the price action is currently moving towards a series of lower highs and lower lows….
Dave the Wave also pointed out that while trying to get back to $ 60,000 in May, Bitcoin was unable to break the $ 58,000 level.
Of course, it seems that price has reached a significant level here, south of the top of the LGC channel.
To reinforce his bearish outlook on Bitcoin, the crypto trader has provided a chart showing a head and shoulders pattern that can sometimes signal the end of a bullish trend.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
