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The Bitcoin trader who saw Bitcoin’s crash in 2019 predicts that a huge BTC bull run is on the horizon but not before it shakes out market participants.
In a new Twitter thread, crypto strategist Dave the Wave tells his 33,000 followers that while he believes Bitcoin will eventually break out of its current range and launch a new bull cycle, he expects the largest cryptocurrency to go through a significant correction first.
Based on the pseudonymous trader’s chart, the king coin may dip as low as $6,900 before recovering and breaching the diagonal resistance of the multi-year triangle. He says his short-term bearish view would be invalidated if bulls manage to send the top cryptocurrency above $10,600. Dave says a convincing breach of the long-term resistance will propel Bitcoin to $100,000 before the end of 2022.
Dave is not the only analyst who predicts a plunge in the near term. Blackroots co-founder and crypto investment advisor Ryan Scott says BTC would not be out of the woods even if it breaks out of the multi-year consolidation.
“No matter what, as a real heads up for all those who are hyper-bullish [on] BTC. If this breaks out of this range, at some point there will likely be an insane shakeout wick that violates what you consider is the lowest low that could be violated for market structure.”