One of the few analysts to predict the start of Bitcoin’s retirement in 2019 indicates that the BTC may be due for another correction.
Pseudonymous analyst Dave the Wave tells his 25,000 Twitter followers that he thinks the main cryptocurrency remains in a descending triangle that dates back to the end of 2018.
Following this scenario, he expects a short-term rebound before a new sale that could bring the BTC to $ 8,300 between March and May.
Indeed, the daily momentum seems to be recovering for a rebound… pic.twitter.com/nzuvK5mNkS
– dave the wave (@davthewave) March 4, 2020
According to the analyst’s chart, this short-term rebound could send Bitcoin close to $ 9,500 this month before the start of the correction.
Dave makes this prediction based on inverse logarithmic moving average convergence and divergence (LMACD). This indicator is designed to reveal changes in the trend, strength and momentum of an asset.
Last June, Dave correctly called the start of Bitcoin 2019 retracement. He expected Bitcoin to fall just above $ 6,000 before the end of 2019. His prediction turned out to be remarkably accurate, as the BTC hit an annual low of $ 6,425 in December.
Bitcoin is trading at $ 8,745, down 4% at the time of publication.
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors must exercise due diligence before investing in high-risk Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock / kiss
