Dave the Wave: Bitcoin awaits further correction

Dave the Wave, a popular cryptanalyst who predicted Bitcoin (BTC) to drop to US $ 6,500 in 2019, now predicts that Bitcoin is likely to see another major correction.

Dave the Wave

The pseudonymous analyst Dave the Wave tells his 25,000 followers on Twitter that he believes the leading cryptocurrency remains in a descending triangle that dates back to late 2018.

If we follow this scenario, we expect a short-term reflection of further sales that could send a BTC of $ 8,300 sometime between March and May 2020.

BTC/ USD [shorter term]

From my alts page [fee based]

The reason why you use rational TA/ chart is to be ready for the 'unexpected'. Using the same chart here since near forever. Developing according to the script. pic.twitter.com/J9l1sB4XR8

— dave the wave (@davthewave) February 29, 2020

Based on the analyst’s chart, that short-term bounce could send Bitcoin close to $9,500 this month before the correction begins.

Dave makes this prediction based on a reversing logarithmic moving average convergence and divergence (LMACD). This indicator is designed to reveal changes in an asset’s trend, strength and momentum.

Last June, Dave correctly called the start of Bitcoin’s 2019 retracement. He expected Bitcoin to drop to just above $6,000 before the end of 2019. His prediction turned out to be remarkably accurate, as BTC hit a yearly low of $6,425 in December.