The closely followed crypto strategist who nailed Bitcoin’s May 2021 crash is looking at the state of BTC to determine if the macro bottom is for the leading digital asset.
Pseudonymous analyst Dave the Wave tells his 117,000 Twitter followers that Bitcoin’s recent corrective move below $20,000 is reminiscent of BTC’s 2018 bear market capitulation.
“Recent surrender event commensurate with 2018. Good possibility that’s all.”
Looking at Dave the Wave’s chart, it looks like the magnitude of Bitcoin’s sharp pullback from $30,000 to its 2022 low of $17,760 is comparable to the 2018 sell-off event when the crypto king tumbled. from $6,000 to around $3,000 and eventually bottomed out. In both cases, BTC lost over 44% of its value.
The crypto strategist also points out that Bitcoin has consistently printed bear market lows near the 0.382% Fibonacci level since 2012.
“What are the chances?”
At its current level, Dave the Wave says that Bitcoin is trading in a prime opportunity zone for long-term bulls based on the logarithmic growth curve (LGC).
“Clarify deep in the long-term pattern of the ‘LGC buy zone now’. Below my medium-term technical objective. Investors looking to build a long-term position would do well, within reason, to buy a slice here in my opinion, and based on the LGC model.
The crypto strategist also predicts that Bitcoin will have a bullish July based on BTC’s tendency to rebound after bleeding for three consecutive months.
“Bitcoin is expected a green next month.”
At the time of writing, Bitcoin is changing hands for $20,639, up over 16% from this year’s low.
Check price action
Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/Warm_Tail