Analysts who predicted the crypto-market meltdown in 2021 say that Bitcoin (BTC), before reaching new highs, will likely experience a major correction.
Dave the Wave, a pseudonymous trader on social media, told his 153.500 followers that he expects BTC’s next phase to be a dip of around $90.000 before launching the next ascent, and not merely soaring quickly.
A rough target price of $160,000 is set by the trader for BTC around September this year.
If I was a bet man, I would say orange and not yellow.”
Dave the Wave, citing a section of his newsletter says BTC rallies very quickly while correcting in a slower manner that drags sentiment down and pushes bears away from the major move.
It seems like every two weeks, there is a price breakout. This is the typical way that they describe price as taking the elevator and stairs down. Price increases are rapid, while consolidations occur over a long period of time.
After the excitement of the first run up wears off, consolidations can create a negative feeling. This is a long-term process. The trader/investor must be able to maintain their patience in order to achieve the desired chart duration. Contrarians are able to see the opportunity that the markets offer.
“The run-ups are quick and rapid.”
Bitcoin currently trades for $103,105.
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This post Crypto analyst says Bitcoin correction coming before breakout to new all-time high – here’s his forecast may be updated as more information becomes available.
