United States – Analyst named “Dave the Wave” foresees Bitcoin to rebound its price in the cryptocurrency market after its crash last month to $6,700.
In June, Bitcoin (BTC) was climbing up to $10,000. All traders are expecting that this cryptocurrency would endure rising higher. However, Dave the Wave foreseen that Bitcoin will fall. He claims that the boost above $10,000 was a clear overextension of Bitcoin’s long-term development curve. Moreover, he stated that this cryptocurrency would return to its $6,700-price.
In the previous month, the forecast of Dave the Wave confirmed correct after Bitcoin’s price dropped to $6,700 from the $8,000. This result validated the prediction he did more than five months previously.
Despite having bearish factors remained in the market, Dave the Wave is beginning to think that it’s time for the uptrend of Bitcoin to continue. It will lure attention to technical aspects to support his favorable opinion.
Dave the Wave lately noted that the aimed price is for the digital asset market’s de-facto readings, which are M1, M2, and M3, hit the retracement goals. In the outdated markets, these are the measure of various forms of currency in the economy of the world. One of the targets is Bitcoin’s market capitalization, with a retracement of 50% for M1. Moreover, the total market capitalization with a 61% retracement for M2, and the altcoin market capitalization with a 78%-retracement are involved.
These retracement standards are Fibonacci Retracement (FR) values, making these prominent in the eyes of strict analysts. For Dave the Wave, Bitcoin might soon have a rebound since these measures reached the retracements.
Dave the Wave shared on his Twitter account the price targets for M1, M2, and M3, wherein respective percentages are also indicated, such as 50%, 61%, and 78%. Following up on his post, the prominent expert commented that he anticipates the Moving Average Convergence Divergence (MACD) of Bitcoin will turn upward after a week. It will start in the next round of development in the Bitcoin market.
After Dave, the Wave declared that Bitcoin would end in the $6,000s. His analysis also includes the three-year moving average is where Bitcoin generally found backing in initial bull markets. The weekly Gaussian channel sign is bullish, and the midpoint of the channel is at $6,600. Lastly, this cryptocurrency bounded off the 0.5 FR level of the range between $3,200 to $13,800.
According to Velvet, one of the famous digital asset traders, Bitcoin is crucial this week’s close. This trader noted that it’s holding a key trend-line. Also, this user said that this digital asset could see $20,000 by March 2020 if it will ride the level.