Bitcoin Bullish Prediction: New Top Is Near, Analyst Says

There have been all kinds of bullish predictions about the price of Bitcoin these days, and they continue.

The online publication the Daily Hodl notes that an analyst who was able to predict the fall of BTC from $11,600 to $6,400 back in 2019 said that we might be getting closer to the end of the bullish move of BTC.

Bitcoin price predictions

The analyst us Dave the Wave, and he said on Twitter that the bullish wave that took BTC from $20k to almost $60k could be running out of steam.

“More symmetries. The Fibonacci measurement from where price meets the bottom of the channel to where the price would meet the top of the channel gives the previous peak as the centre. When the parabola corrects, now or a little higher, predicting a 0.38% retracement as per previous spikes.”

He said that Bitcoin could potentially top out at $68,710.15 before igniting a massive correction that would send BTC all the way back down to its previous bull cycle high of $20,000.

“Looking at this chart, it’s quite conceivable to see BTC back to 20K at some point. Up to the present price has spent a full 2/3s of its time in the buy zone’. As the channel converges, and with increasing price discovery, it’s likely this ratio will decrease – the near-year-long speculative episodes and equally long corrections should come to dominate in an increasingly liquid market at this transitional stage. Multi-year cycles, with extended bases, could become a thing of the past.”

But the good thing is that he believes in the long run that BTC could regain momentum and hit $100k.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $55,625.09, and it’s trading in the red.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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