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October 5, 2022
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Has Bitcoin hit rock bottom?

Bitcoin Could Still Surprise Us Negatively, According to Dave The Wave Analysis Posted on Twitter

Bitcoin entered 2022 riding a roller coaster. The cryptocurrency had promising success in 2021, but it still entered January on the wrong foot, down a little over 50% from its all-time high of $69,000. With all this turmoil, analysts are scrambling to know where Bitcoin will end up, as the cryptocurrency has yet to find any secure support below the $40,000 level and for this reason some analysts fear the worst is yet to come.

Bitcoin lost critical support level

As published by NewsBtc, the well-known analyst in the crypto environment with the codename Dave the wave, “issued” an alert when Bitcoin was at its peak last year, Dave was one of the only analysts who signaled that there would be a sharp drop, and called this crash the May crash and after some time, the market saw a crash. strong correction of approximately 50%.

This year the analyst issued another warning, utilizing various charts and through his analysis he said he will have another correction, and if his calculations are right Bitcoin could supposedly price below $25,000.

For his 90 thousand followers on Twitter, the analyst demonstrates his analysis in several tweets, using the Fibonacci extension and then identifying the OCO (Shoulder-Head-Shoulder), one of the most important trend reversal patterns, he identified that the asset could reach $25,000

The analyst also noted that Bitcoin had already crossed a critical support level, so the asset could continue to fall and according to Dave the Wave, “once Bitcoin loses this $40,000 area, there is not strong enough support. to stop it”.

Next steps

Currently, the last chart in the series shows a possible upward reversal, if the digital asset manages to stay above $35,000 thousand.

Since the last tweet was posted, Bitcoin has been in the $36,000 range. If Dave the Wave’s analysis is any basis, investors may need to brace for the impact as possibly the next stop could be the $25,000 range, which will be the next major support point.

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