As the Bitcoin price continues to fluctuate wildly, the question in every investor’s mouth right now is when the digital asset will find its bottom. For some, the bottom has already been met, while for others, there are still more price crashes to come. However, one analyst’s prediction in particular stands out and this is due to his track record of accurately calling the top of the market back in the 2021 bull market.
Crypto expert Dave the Wave first came into prominence back in 2021 when he had accurately predicted the Bitcoin top. Given this, Dave’s analysis holds weight in the crypto market, so it is no surprise that his most recent prediction calling the Bitcoin bottom is making the rounds.
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In the analysis which was posted on X (formerly Twitter), the crypto analyst points to a number of indicators that show that the Bitcoin bottom has already been reached. One of these is the MACD which the analyst reveals is still far off from the levels from the last bull market.
In addition to the MACD still trending below this level, the crypto expert points out that the crypto market is more mature than it was. Given this maturing market, Dave the Wave stated: “It wouldn’t at all surprise me to see something different develop, pattern-wise, over the longer time frame.”
The analyst suggests that the Bitcoin low is actually in, and given that the price had fallen to $57,000 a couple of weeks ago, Dave’s analysis suggests that that is as low as the price will go. If this holds, then it is possible that the Bitcoin price will not fall below $60,000 before it resumes its bull rally.
Despite the slow momentum that has plagued the Bitcoin price, investors continue to be bullish on the cryptocurrency. This is evidenced by the Bitcoin Fear & Greed Index maintaining a firm grip on the Greed territory, showing that investors are still willing to buy into the market.
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Furthermore, predictions from crypto analysts such as Rekt Capital have shown expectations for further price increases. Rekt Capital predicts that the BTC price will still cross $100,000 as long as the price is able to break above $63,000 and hold this level.
However, elsewhere in social media, there is a change in tide for the BTC price as social sentiment begins to fall to bearish headwinds. Santiment, an on-chain data aggregation platform, revealed that the Bitcoin social sentiment has seen a 14% drop in the last week.
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