A crypto analyst who warned traders of last year’s major Bitcoin (BTC) correction says he believes a similar scenario is about to play out.
With Bitcoin currently trading around $ 9,200 since peaking at $ 9,903 in the past seven days, the tech trader known in the industry as Dave the Wave, says he believes that after failing to beat the USD 10,000 resistance, BTC is now “back on track” and will drop to $ 6,300.
Dave’s latest chart shows Bitcoin falling to the low $ 6,000 next month.
In the long run, the trader is extremely optimistic about Bitcoin.
He says BTC is nearing the end of a symmetrical triangle dating back to late 2017.
A quick survey sent to its 29,000 followers on Twitter found that most respondents agree that BTC is not ready to break out yet.
On the business side of the triangle that has been projected for quite some time. Time-wise at the last fib level.
Survey – outbreak now or still a consolidation?
– dave the wave (@davthewave) May 20, 2020
While predicting short-term pain, Dave is one of the most optimistic analysts when it comes to Bitcoin’s path in the coming years.
He predicts BTC will break the strong resistance line early next year and begin a long-term parabolic rally that will bring the leading cryptocurrency to $ 150,000 by 2023.
Dave has made a name for himself in crypto circles after correctly naming the start of Bitcoin’s 2019 correction.
He told traders to brace themselves before Bitcoin would drop to about $ 6,000 by the end of 2019. The forecast was ultimately good, with BTC bottoming out at about $ 6,400 in December.
Featured image: Shutterstock / Mopic
