The closely followed crypto strategist who nailed Bitcoin’s May 2021 collapse is examining the state of BTC to determine if the macro bottom is looming for the leading digital asset.
Pseudonymous analyst Dave the Wave tells his 117,000 Twitter followers that Bitcoin’s recent corrective move below $20,000 is reminiscent of BTC’s bear market capitulation in 2018.
“Recent capitulation event in line with 2018. Good chance it was.”
Looking at Dave the Wave’s chart, it appears that the magnitude of Bitcoin’s sharp drop from $30,000 to its low of $17,760 in 2022 is comparable to the 2018 sell-off when the king’s crypto plummeted from $6,000 to about $3,000. and finally hit rock bottom. In both cases, BTC lost more than 44% of its value.
The crypto strategist also highlights that Bitcoin has consistently pushed bear market bottoms close to the 0.382% Fibonacci level since 2012.
“What are the odds?”
At the current level, Dave the Wave says Bitcoin is trading on a logarithmic growth curve (LGC) in a zone with excellent long-term bull opportunities.
“Price deep into the long-term model of the ‘LGC buy zone now’. Below my medium-term technical target. Investors looking to build a long-term position would do well in my view, based on the LGC model, in a reasonable way to buy a tranche here.”
The crypto strategist also predicts Bitcoin will have a bullish July based on BTC’s tendency to bounce after bleeding for three consecutive months.
“Bitcoin will have a green month next month.”
At the moment of writing, Bitcoin changes hands for $20,639, up more than 16% from this year’s low.
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