It has been revealed that a new Bitcoin warning has been issued for the bears. Check out the latest reports about this below.
New Bitcoin warning for bears is here
A trader and analyst named Dave the Wave, who accurately predicted the May 2021 crypto market crash, advises against being overly cautious with Bitcoin (BTC) at this time.
He believes that excessive caution during low price periods is more driven by sentiment rather than a well-informed decision based on market charts. This message is directed towards his 138,500 Twitter followers.
“Reminder: best to be cautious at the top… and less so at the bottom…
To be too cautious at the bottom would be counter-productive…. and you’d think counter-intuitive. An over-cautious narrative would just be a play on sentiment…. just as the over-optimistic narrative was at the top.”
He continued and said this:
“This is where contrarianism makes some sense, which runs counter to sentiment… and the mass of a large [following].
Ask yourself this – are those that are over-cautious now [that you’re listening to] over-optimistic at the top?”
Dave the Wave has shared Ethereum’s (ETH) chart, indicating that the top smart contract protocol is currently in the later stages of an ascending triangle.
This pattern is generally considered bullish and may suggest a potential trend reversal if the price surpasses the horizontal resistance at approximately $2,300.
Bitcoin in the news
According to a leading cryptocurrency analyst, Bitcoin’s recent market decline may soon be over. The pseudonymous analyst, DonAlt, has shared with the TechnicalRoundup YouTube channel’s 51,200 subscribers that Bitcoin is approaching its market bottom.
However, the analyst suggests that Bitcoin may need to decrease by over 20% from its current value to reach the crucial support level.
“We’re getting close to support, but we’re getting close to support while drifting lower. I hate that. I don’t want to drift into support…”
