The Bitcoin trader, who saw Bitcoin crash in 2019, predicts that a huge BTC bull run is on the horizon, but not before it shakes market participants.
In a new Twitter thread, crypto strategist Dave the Wave tells his 33,000 followers that while Bitcoin will break out of its current reach and start a new bull cycle at some point, he expects the largest cryptocurrency to go through a significant correction first.
Based on the pseudonymous trader’s chart, the royal coin can drop as low as $ 6,900 before the diagonal resistance of the multi-year triangle is restored and broken. He says his short-term bearish view would be invalid if bulls managed to send the top cryptocurrency over $ 10,600. Dave says a convincing breach of long-term resistance will push Bitcoin to $ 100,000 by the end of 2022.
Dave is not the only analyst to predict a slump in the short term. Ryan Scott, co-founder and crypto investment advisor to Blackroots, says BTC is not out of the woods even if it breaks out of multi-year consolidation.
“No matter what happens, as a real heads-up for everyone who is hyper-bullish [on] BTC. If this breaks out of this area, there will likely be an insane shakeout wick at some point that goes against what you think is the lowest low that could hurt the market structure. “