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Trader Calling May 2021 Bitcoin Crash Warns of Significant BTC Correction in Coming Months – CryptoSaurus appeared on cryptosaurus.tech by CryptoSaurus.
A trader known for making timely calls in the crypto sphere is warning that Bitcoin (BTC) could undergo a serious market correction within the next few months.
pseudonym analyst dave the wave says His 139,400X followers believe that bitcoin could fall to the lower boundary of its logarithmic growth curve (LGC) before the end of the year.
The LGC aims to forecast long-term highs and lows over the lifetime of bitcoin, ignoring short-term volatility.
analyst says,
“BTC price has doubled from the bottom to the top of the LGC buy zone over the course of eight months.
Would it be such a terrible thing if the price consolidated 38% back to base in the next few months?
I mean, it’s still going to be a buy zone for long-term investors.
Source: Dave the Wave/X
Looking at the analyst’s charts, he estimates that a 38% drop from this year’s high could send bitcoin to around $24,000 around December 2023.
LGC model by trader shows Bitcoin has reached a key intersection between resistance and support levels at its current price, indicating that a significant price move is on the horizon.
“X marks the spot.
Your move btc.
Interestingly, both the support and resistance lines [shorter term] Meet the upper and lower lines of the LGC buy zone at the same time.”
He too They say Bitcoin’s recent sideways trading is a clear indication that the crypto king is developing into an asset.
“The good news about all this waiting is the increasing stability in prices [from the macro perspective] It is that BTC is becoming less volatile as it matures towards ultimate price discovery.
At the time of writing bitcoin is trading at $29,571, up 0.7% over the past 24 hours.
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