The Bitcoin price formed a local high of $42,976 on April 21 and since then the price is experiencing a bear market. This down trend-led Bitcoin to hit $37,700 on April 26.
However, now the $37,000 range is acting as a support for the flagship currency, and the moment Bitcoin surged from $37,000, the price is hovering between $38,000 to $40,000.
At the press time, Bitcoin is trading at $39,582 with a surge of 0.25% over the last 24hrs.
Bitcoin To Bottom At $25,000!
The pseudonymous crypto analyst known as Dave the Wave had once rightly predicted May 2021 market collapse and is now alerting the Bitcoin traders that Bitcoin might see a considerable decline though the analyst remains bullish on Bitcoin’s long-term performance.
The popular crypto strategist, Dave the Wave talks to his 97,500 Twitter followers pointing towards Bitcoin’s 2020 price chart, the price decline that occurred in April 2021, and the extended price bottoming seen from November to this past January.
Though the king currency is witnessing a decent rally in the past few days, Dave predicts Bitcoin to bottom at $25,000.
Next, Dave considers technical analysis (TA) and points towards Bitcoin’s 2013 yearly moving average on weekly candles.
While concluding his Bitcoin price analysis, Dave the Wave claims that though Bitcoin has undergone several descending wedges where each wedge lasted for a year, Bitcoin’s relative price and long-term outlook both depict a bullish frame.