A popular crypto trader says there’s a “good chance” that the bearish decline of Bitcoin (BTC) to $25,000 is invalidated.
The pseudonymous analyst Dave the Wave tells his 93,700 Twitter followers that BTC has broken its downward channel.
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“Ideal target of 25K looking less likely/invalidated. In weighted terms, got 70% of the way there from the top, once again falling a Fibonacci level short.”
Even if that channel is broken, the analyst cautions that prices could still fall.
Dave the Wave says BTC could end up in a “wide choppy range.” He notes that Bitcoin’s monthly and weekly moving average convergence divergence (MACD) metrics are displaying mixed signals. MACD metrics are trend-identifying indicators.
“Weekly MACD strengthening after re-setting to the zero-line.
Monthly MACD still consolidating toward the zero-line.
= the likelihood of sideway ranging and some further consolidation.”
BTC is trading at $43,525.58 at time of writing. The top crypto asset by market cap is up more than 12.5% in the past seven days.
Dave the Wave also notes that Bitcoin could be on a potential path to $100,000 by late this year or early 2023.
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