As the Bitcoin price continues to fluctuate wildly, the question on every investor’s mouth right now is when the digital asset will bottom out. For some, the bottom has already been reached, while for others, more price falls are on the way. However, one analyst’s prediction in particular stands out and this is due to his track record of accurately calling the top of the market in the 2021 bull market.
Crypto Expert Says Bitcoin Bottom Has Been Reached
Crypto expert Dave the Wave first came to prominence in 2021 when he accurately predicted the Bitcoin top. Given this, Dave’s analysis is of great importance in the crypto market, so it is no surprise that his most recent prediction calling the Bitcoin bottom is making the rounds.
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In the analysis posted on X (formerly Twitter), the crypto analyst points to a number of indicators that show that the Bitcoin bottom has already been reached. One of these is the MACD, which according to the analyst is still far from the levels of the last bull market.
In addition to the fact that the MACD is still below this level, the crypto expert points out that the crypto market is more mature than before. Given this maturing market, Dave the Wave said: “I wouldn’t be surprised at all if something different, pattern-wise, emerged over the longer term.”
The analyst suggests that Bitcoin has actually bottomed out, and given that the price had fallen to $57,000 a few weeks ago, Dave’s analysis suggests that this is as low as the price can go. If so, it is possible that the Bitcoin price will not fall below $60,000 before the bull rally resumes.
BTC price expectations are still bullish
Despite the sluggish momentum that has plagued the Bitcoin price, investors remain optimistic about the cryptocurrency. This is evident from the fact that the Bitcoin Fear & Greed Index maintains a firm grip on Greed territory, showing that investors are still willing to buy into the market.
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Moreover, predictions from crypto analysts such as Rekt Capital have shown expectations for further price increases. Rekt Capital predicts that the BTC price will still cross $100,000 as long as the price can break above $63,000 and hold this level.
Elsewhere in social media, however, there is a turning in the tide for the BTC price as social sentiment begins to dip into bearish headwinds. Santiment, an on-chain data aggregation platform, revealed that Bitcoin social sentiment has fallen 14% in the past week.
Featured image of Investment U, chart from Tradingview.com