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Analyst Warning: Bitcoin Price Shows Signs of Decline
An analyst has suggested that the consolidation of Bitcoin's (BTC) may resolve downwards and accurately predicted the cryptocurrency crash three years ago, stating that the market needs close attention. The analyst known as Dave the Wave, is focusing on the weekly chart moving average convergence divergence (MACD) indicator for Bitcoin. The MACD indicator is used by traders to determine asset trends and identify potential entry and exit points.
According to analysts, the MACD indicator of Bitcoin is preparing for a new adjustment, indicating that after the downtrend cross, BTC is about to usher in a correction that may lead to its fall below $90,000. Dave the Wave described this situation in the following words:
BTC weekly MACD continues to adjust to zero. The technical consolidation and potential to push to new highs in the coming months.
2024 and similar actions
The analyst also mentioned the potential downside target for Bitcoin, stating that on the daily chart, BTC's movement is similar to the price action in 2024. Last year, Bitcoin rose to $74,000 before falling below $50,000. In this scenario, he believes BTC may retreat to the 0.382 Fibonacci level at $80,000. Fibonacci extension tool is considered an important technical analysis tool that can help traders identify potential entry and exit levels.#Crypto Downturn: Hold or Sell?
Dave the Wave is cautious in the short and medium term about BTC, but remains optimistic in the long run. In earlier predictions this month, the analyst suggested that Bitcoin may start a parabolic rebound after the expected correction and could reach $260,000 by the end of 2025. At the time of writing, the trading price of Bitcoin is $95,503.
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