The trader who nailed Bitcoin’s recent collapse from $60,000 is issuing another warning to traders that the Bitcoin correction is not yet over.
In a new tweet, the crypto trader known as Dave the Wave tells his 57,400 followers that Bitcoin is likely headed to lower prices.
“My outlook on BTC going forward. Support in the 20K *range*.”
The trader adds that he expects Bitcoin to find support at $25,966.50. If the price breaks that level, the next area of interest is $20,842.62. With Bitcoin trading at $35,275 at time of writing, the lowest end of the analyst’s range represents a downside potential of 40%.
“A couple of price targets going forward with the time [Fibonacci] added. The idea being that the correction may be as long as the parabolic rise up. If the previous peak were the target, price is already halfway there.”
As Bitcoin continues to show signs of weakness, Dave the Wave predicts that the corrective period will last for the rest of the year.
“And bottom in by the end of the year based on a comparison of the time Fibonacci.”
While Dave the Wave sees a lengthy corrective phase for the flagship cryptocurrency, veteran trader Peter Brandt believes the worst is over for Bitcoin.
“Not tweeting about BTC for a while but hint: market bottomed yesterday.”
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