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Analyst warns: Signs of a decline in Bitcoin price are being observed
An analyst who suggests that Bitcoin's (BTC) current consolidation could be resolved downward and accurately predicted the crypto crash three years ago, says that the market needs to be closely monitored. The analyst, known by the pseudonym Dave the Wave, tells his 148,300 followers on social media platform X that he is watching the moving average convergence divergence (MACD) indicator on Bitcoin's weekly chart. MACD is used by traders to determine an asset's trend and identify potential entry and exit points.
According to the analyst, Bitcoin's MACD indicator is preparing to reset after a bearish crossover and indicates that BTC is on the verge of a correction that will lead it to fall below $90,000. Dave the Wave expresses this situation in the following words:
BTC continues to readjust to the zero point on the weekly MACD. There is a possibility of technical consolidation and a driving force towards new highs in the later part of the year.
Similar movements are seen with 2024
The analyst, who also mentions Bitcoin's potential downside targets, states that BTC followed a path similar to the price movements in 2024 on the daily chart. Last year, after reaching $74,000, Bitcoin retraced below $50,000. In this context, it is suggested that BTC could decline to $80,000 level, which corresponds to the 0.382 Fibonacci level. The Fibonacci extension tool is known as an important technical analysis tool that helps traders determine potential entry and exit levels.
Dave the Wave, who adopts a cautious view on BTC in the short and medium term, continues to remain optimistic in the long term. The analyst stated in a prediction earlier this month that, after the expected drop, Bitcoin could initiate a parabolic rally that could reach $260,000 before the end of 2025. At the time of this news release, Bitcoin is trading at the $95,503 level.
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