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A crypto analyst who warned traders about last year’s large Bitcoin (BTC) correction says he believes a similar scenario is about to play out.
With the Bitcoin price currently trading around $9,200 since peaking at $9,903 over the past seven days, the technical trader, known in the industry as Dave the Wave, says he believes that after failing to beat resistance at $10,000, BTC is now “back on track” to fall to $6,300.
Dave’s latest chart shows the BTC price falling next month to the low $6,000s. In the long run, the trader is extremely bullish on Bitcoin.
He says BTC is steadily approaching the end of a symmetrical triangle dating back to late 2017.
A quick survey sent to his 29,000 followers on Twitter shows most respondents agree that BTC is not yet ready to break out. Although he’s predicting pain in the short term, Dave is one of the most bullish analysts when it comes to Bitcoin’s path in the years ahead.
He predicts BTC will break through the strong line of resistance early next year and begin a long-term parabolic rally that will bring the leading cryptocurrency to $150,000 in 2023.
Dave made a name for himself in crypto circles after correctly calling the beginning of Bitcoin’s 2019 correction.
He told traders to brace for Bitcoin to drop to about $6,000 before the end of 2019.
The forecast ended up being on the mark, with BTC hitting a low of about $6,400 in December.
In other trending Bitcoin News today:
GOLDMAN SACHS IS INVITING CLIENTS TO A BITCOIN CALL: HERE’S WHY THAT’S SO IMPORTANT
Multinational investment bank Goldman Sachs will be hosting a Bitcoin call on May 27th for its clients.
The news was revealed Friday by The Block’s Mike Dudas, who shared the image below of an invitation to a call for May 27th entitled “Implications of Current Policies for Inflation, Gold, and Bitcoin.”
The call hasn’t even happened and some have postulated what this indicates and what could transpire in the wake of this call.
Although the Goldman Sachs call has yet to transpire and it’s unclear what exactly the firm will say about Bitcoin, many in the space have taken the news as a positive sign.
A commentator on institutional trends in the cryptocurrency space said that the existence of this call confirms there is true client demand for BTC.
“The fact that BTC is included tells you they are seeing substantial client interest.”
That’s not to say Goldman Sachs will be bullish on Bitcoin when the call comes around, though.
Sharmin Mosszvar-Rahmani, a Chief Investment Officer of the Investment Strategy Group at Goldman Sachs, has previously expressed bearish opinions about the efficacy of Bitcoin as an investment.
She wrote in a report published in 2018 that she believes cryptocurrencies “do not fulfill any of the three traditional roles of a currency,” before adding:
“Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
— dave the wave (@davthewave) May 20, 2020
Does anyone think Goldman is going to be negative on BTC on this call?The fact that BTC is included tells you they are seeing substantial client interest.
Probably some good trading opps with this, including a possible run-up beforehand (may have already started). https://t.co/RH2yyXWmZr
— MacroScope (@MacroScope17) May 23, 2020