In a recent tweet, the analyst tells his +59K followers that he assumes Bitcoin to reverse its correction pattern sometime in Q3 of this year.
“On the positive side of things, and on the basis of momentum as measured by the histogram, a good chance of seeing price turn around as early as August.”
However, the trader and analyst predicts a possible turnaround for BTC in the coming months, he points out that Bitcoin is forming a bearish continuation pattern indicating that the leading crypto asset could drop as low as $20,000 before picking up again.
“Starting to look like this head and shoulders pattern, on the lower time frame, might just play out…”
Earlier this month, Dave the Wave noted that Bitcoin was forming a descending channel, suggesting that a local top was in. At that time, the leading cryptocurrency was trading below $60,000.
“No certainties of course [*especially* in the short term] but price action is currently on course for a series of lower highs and lower lows….Certainly seems price has met a significant level here just south of the logarithmic growth channel top.”
View the full article with graphs at: Fintechs.fi