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Analyst Alert: Signs of a price drop for Bitcoin
Analysts, who accurately predicted the collapse of cryptocurrencies three years ago and believe that the current integration of Bitcoin could be resolved in a negative direction, recommend careful market monitoring. The analyst known by the pseudonym Dave the Wave stated on social media platform X that, on the weekly chart of Bitcoin, he is monitoring the convergence and divergence of the Moving Average Convergence Divergence (MACD) indicator. MACD is used by traders to determine the trend of an asset and identify potential entry and exit points.
The analyst believes that Bitcoin's MACD indicator is preparing to reset after a bearish crossover and indicates that BTC is on the verge of a correction that will lead to a drop below $90,000. Dave the Wave expresses this situation with the following words:
BTC continues to adjust back to the score not on the weekly MACD chart. There may be a new momentum to aim for new highs in the consolidation technical phase and in the subsequent phases of the year.
There are movements similar to 2024
The analyst also mentioned the potential downside targets for Bitcoin, suggesting that on the daily chart, BTC is following a similar path to the price action in 2024. Last year, after reaching a peak of $74,000, Bitcoin dropped below $50,000. In this context, he believes that BTC could drop to the $80,000 level, equivalent to the 0.382 Fibonacci level. The Fibonacci extension tool is known as an important technical analysis tool to help traders identify potential entry and exit levels.
Dave the Wave, who has a cautious long and medium-term view on BTC, remains optimistic about the long term. The analyst stated that after an expected drop, Bitcoin could start a parabolic uptrend and reach $260,000 before the end of 2025. At the time of publication, Bitcoin is trading at $95,503.
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