Crypto analyst who correctly foresaw the Bitcoin crash in May 2021, now foresees a significant downward correction for the cryptocurrency in the upcoming weeks.
What Happened: The pseudonymous analyst, Dave the Wave, predicts that Bitcoin (CRYPTO: BTC) might replicate last year’s pattern. In 2021, Bitcoin reached new highs around $74,000 before plummeting below $50,000. He anticipates the most severe BTC consolidation to take place by the end of March.
According to Dave the Wave’s chart, if BTC mimics last year’s price action, it could correct to the 0.382 Fibonacci level, which is approximately $81,000. The Fibonacci extension tool is often used by traders to pinpoint potential entry and exit points based on the Fibonacci ratio.
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