Should that be the first time for BTC? A well-known analyst warns that Bitcoin may be on the verge of a new bear market.
50% crash “quite conceivable”
Once again, the bulls had to admit defeat to the bears yesterday: Despite all the efforts, Bitcoin was unable to stay above the important $ 45,000 support zone. After failing to break the resistance at $ 48,000, BTC faced another drop.
The number 1 cryptocurrency fell through support at $ 46,500, and even visited lows at $ 44,200 at times. Bitcoin has now been consolidating around $ 45,500 for quite some time. How do you proceed from here?
The popular crypto trader “Dave the Wave” is currently warning his 72,000 Twitter followers about the Worst-case scenario: a new bear market that is causing Bitcoin to crash massively. He believes there is a huge correction looming that could bring Bitcoin back into the $ 20,000 area.
The analysis makes many industry observers sit up and take notice, because the pseudonymous trader has already predicted the Bitcoin crash in May. If he is correct this time too, Bitcoin will suffer a significant loss of value. He writes:
“The Fibonacci time [die von Anfang an eingezeichnet wurde] allows a reasonable amount of time for correction, similar to the parabolic spike. Another move of a similar magnitude to the previous one would put the price in the low $ 20,000 range. “
That, according to Dave the Wave, is not certain, “but it is entirely conceivable”.
The time fib [drawn from the start] allows for a commensurate amount of time for the correction as comparable to the parabolic spike. Another move down from near magnitude to the earlier one would see price in the low 20K range. Though not certain, certainly conceivable. pic.twitter.com/fyZgFFLpRG
– dave the wave🌊 (@davthewave) August 17, 2021
In addition, the trader shows a chart with Bitcoin’s price development from May 2020 to May 2021. This shows: the increase from $ 20,000 to over $ 60,000 with a subsequent correction of 50% to $ 30,000. Dave the Wave is certain: BTC is still in a downtrend. How do other experts see it?
$ 50k – just a matter of time
The popular chartist @SmartContracter writes to more than 158,000 followers: The upward trend is still intact. Bitcoin still has to overcome some resistance. However, he sees a good chance that Bitcoin’s current price action has only made another higher low.
nice $ btc bounce right where we needed it, still have some resitance to clear but good chance this is just another higher low.
uptrend still in tact. pic.twitter.com/emXxlPus9N
– Bluntz (@SmartContracter) August 18, 2021
Adrian K. Zduńczyk, also known to many as “Crypto_birb”, remains optimistic about Bitcoin’s short- and medium-term perspective. He does not anticipate a major correction. In a new analysis he comments: Bitcoin will rise above 50,000 dollars, that is “a matter of time”. Only unclear: Is BTC moving straight up or is it visiting the $ 42,000 region beforehand? Zduńczyk:
“Overall, 53-58k imo is more a matter of time, and the question is whether it goes straight up from here or with a local setback in the 42-45k range in between.”
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– Adrian K. Zduńczyk (@crypto_birb) August 18, 2021
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