Dave the wave is the pseudonym used by a famous social media analyst, he is known for predicting the fall of Bitcoin in May 2021 and since then he has been following up as a major “influencer”. Now he has come back with another prediction, this time that Bitcoin will continue to fall in the near term, but eventually the currency will recover.
The analyst shared on Twitter with his 105,000 followers a prediction of a “rational price increase for Bitcoin”, very different from the 2021 predictions that claimed Bitcoin would be worth $100,000 today, as is the case with PlanB (which is wrong).
He said he sees a potential scenario for Bitcoin where the currency will continue to struggle between resistances and supports in 2022, but could reach close to $70,000 by the end of 2023 and $200,000 by 2024.
“Bitcoin in the future, something like that wouldn’t surprise me.”
#Bitcoin in the future something like this wouldn’t surprise me… pic.twitter.com/l7geQwTclh
— dave the wave (@davthewave) May 22, 2022
According to a chart posted to Twitter, the analyst believes Bitcoin could hit a cyclical high of nearly $200,000 around May or June 2024.
Until then, in the short term, Bitcoin is trying to find a new bottom to be a major support. The analyst compared Bitcoin’s current price to its price movement in 2018 when Bitcoin broke out of a bearish triangle before recovering to hit the 200-week moving average.
“It helps to move away from the price and look at something like Bitcoin on a weekly basis. Comparison is not everything, but it is also nothing. It’s something to think about.”
It helps to step off the chart and look at something like the #Bitcoin weekly.
Comparison isn’t everything, but it isn’t nothing either. It’s something to go by… pic.twitter.com/k3HRgmF8Uf
— dave the wave (@davthewave) May 20, 2022
Dave also said that he keeps an eye on the MACD (Moving Average Convergence/Divergence) on the monthly chart. According to the analyst, the MACD, a key indicator of trend reversal, could reach support area by the end of this month.
So from there, the battle begins “upwards” and begins a cyclical recovery that could continue through mid-2024.
As always, this is just an analysis, and there is a lot of opinion and even guesswork (again, just look at what happened to PlanB). It is always important to do your own research and especially understand the concepts of cryptocurrency before investing in any of these predictions.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
