Analyst Predicts Bitcoin May Drop to $80K Before Rally to $180K
A well-known analyst, famous for accurately predicting the 2021 crypto downturn, is now warning that Bitcoin (BTC) may be on the brink of a significant decline.
Dave the Wave believes Bitcoin is currently testing crucial support around the $90,000 mark.
He suggests that Bitcoin could soon follow a pattern similar to its behavior in late 2024, where the price fell to the 0.382 Fibonacci level before making a sharp recovery.
He pointed out that while Bitcoin is revisiting local lows, he hasn’t yet observed the larger market washout he’s anticipating, which could bring BTC down to approximately $80,000.
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On a broader scale, Dave is closely monitoring the moving average convergence divergence (MACD) on Bitcoin’s weekly chart. The MACD, a key indicator for trend analysis, is expected to reset at the zero line, paving the way for a dip to the 0.382 Fibonacci level.
Despite this bearish outlook in the short term, Dave the Wave is optimistic about Bitcoin’s long-term prospects, predicting that the sharp decline will set the stage for a major rally that could push the cryptocurrency to $180,000 by the year’s end.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
