An analyst who called the Bitcoin May 2021 collapse is laying out possible scenarios for BTC, including a dramatic capitulation event.
The pseudonymous analyst known as Dave the Wave tells his 98,000 Twitter followers that Bitcoin is likely headed down below the $25,000 range.
For references, he uses the May 2021 and November 2021 corrective periods as examples of what BTC traders could see next.
“If we get a Bitcoin move down comparable to the previous two, looking at the $25,000 region.”
Source: Dave the Wave/Twitter
The analyst also points out that despite the bearish price action in recent weeks, BTC still has considerable downside as suggested by its 200-week moving average (MA). Dave the Wave says that Bitcoin is still well above its 200-week