Bitcoin won’t hit $ 100,000 by December 2021 if this pattern persists, says analyst who nailed the crypto crash in May

[ad_1]

Bitcoin is unlikely to see $ 100,000 by December, even amid its rapid growth in recent weeks, according to the crypto analyst who accurately called BTC’s collapse in May.

Analyst known as Dave the Wave tells his 80,000 subscribers that Bitcoin has risen in an ascending channel since it rebounded to $ 30,000 in July.

He says that even if BTC were to continue tracking the ascending channel, it still wouldn’t be at $ 100,000 in December.

“Big stuff.

Even if the price continued to rise in the chain at this rate, it would not reach $ 100,000 by December. “

Source: Dave the Wave / Twitter

However, Dave the Wave clarifies that traders should not confuse his analysis with a firm prediction that Bitcoin will not hit $ 100,000 by the end of the year.

“Yes, some may confuse this message with the fact that $ 100,000 will not be touched by December. It doesn’t say that at all. What it says is” IF the price reported on the channel at this rate, it would not reach $ 100,000 by December. ”This hypothesis is indisputable.

In January 2020, Dave the Wave made a bet with his fellow crypto analyst PlanB regarding the potential value of BTC by December 2021.

PlanB, which is known to have applied the stock-to-flow (S2F) model to Bitcoin, predicts a market cycle high at $ 288,000 BTC. Both analysts agreed that a $ 100,000 BTC by December 2021 would invalidate Dave the Wave’s pattern.

pic.twitter.com/cIwGWMLmxO

– dave the wave (@davthewave) July 15, 2020

Dave the Wave also postulates that Bitcoin could form a double top, or a second touch of the price range around $ 65,000 before descending for a downtrend. According to him, Bitcoin is showing a bearish divergence on daily timeframes, hinting that a correction may be imminent.

“Short term channel meets resistance at previous ATH (historic high)?” “

Source: Dave the Wave / Twitter

Don’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix

Check out the latest news. Investors should do their due diligence before making high risk investments in 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 buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.

Featured Image: Shutterstock / Tithi Luadthong

[ad_2]