Analyst Predicts Bitcoin’s Downward Trend, Warns of Potential Drop Below $90K
A well-known analyst, who accurately predicted a major downturn in the crypto market three years ago, is now signaling potential bearish trends for Bitcoin (BTC).
He suggests that the current price consolidation could be leading toward a downward movement.
The analyst, known as Dave the Wave, shared his emphasizing his focus on Bitcoin’s weekly moving average convergence divergence (MACD) indicator. Traders commonly use the MACD to assess the direction of an asset’s trend and identify entry and exit opportunities.
Dave the Wave pointed out that Bitcoin’s MACD is currently showing signs of a reset, after a bearish crossover, hinting that BTC might face a correction, potentially dropping below $90,000.
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He further explained that Bitcoin’s price could be undergoing consolidation, with a possibility of reaching new highs later in the year.
Referring to BTC’s price action earlier in 2024, Dave the Wave noted the asset’s previous climb to $74,000, followed by a significant retracement below $50,000, labeling it a “rollercoaster” ride for Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
