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Bitcoin Bottom finally arrived? The trader who predicted the May 2021 crash examines the state of BTC


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.”

Source: Dave the wave/Twitter

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?”

Source: Dave the wave/Twitter

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.”

Source: Dave the wave/Twitter

At the time of writing, Bitcoin is changing hands for $20,639, up over 16% from this year’s low.

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Featured Image: Shutterstock/Warm_Tail