More Pain Could Be Coming to Bitcoin Warns Trader Who Called Latest BTC Collapse


The trader who nailed Bitcoin’s recent collapse from $60,000 is issuing another warning to traders that the Bitcoin correction is not yet over.

In a new tweet, the crypto trader known as Dave the Wave tells his 57,400 followers that Bitcoin is likely headed to lower prices.

“My outlook on BTC going forward. Support in the 20K *range*.”

Source: Dave the Wave/Twitter

The trader adds that he expects Bitcoin to find support at $25,966.50. If the price breaks that level, the next area of interest is $20,842.62. With Bitcoin trading at $35,275 at time of writing, the lowest end of the analyst’s range represents a downside potential of 40%.

“A couple of price targets going forward with the time [Fibonacci] added. The idea being that the correction may be as long as the parabolic rise up. If the previous peak were the target, price is already halfway there.”

Image
Source: Dave the Wave/Twitter

As Bitcoin continues to show signs of weakness, Dave the Wave predicts that the corrective period will last for the rest of the year.

“And bottom in by the end of the year based on a comparison of the time Fibonacci.”

Image
Source: Dave the Wave/Twitter

While Dave the Wave sees a lengthy corrective phase for the flagship cryptocurrency, veteran trader Peter Brandt believes the worst is over for Bitcoin.

“Not tweeting about BTC for a while but hint: market bottomed yesterday.”

Don’t Miss a Beat – to get crypto email alerts delivered directly to your inbox

Twitter, Facebook and Telegram

Surf cryptotrade247.eu Mix


Disclaimer: Opinions expressed at cryptotrade247.eu are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. cryptotrade247.eu does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is cryptotrade247.eu an investment advisor. Please note that cryptotrade247.eu participates in affiliate marketing.

Featured Image: Shutterstock/kleinstofzuigertje/Photobank gallery





Source link

SEE THIS

%d bloggers like this: