As the price of bitcoin continues to fluctuate wildly, the question on every investor's lips right now is when the digital asset will bottom out. For some, the bottom has already been reached, while for others, there are still more price drops to come. However, one particular analyst's prediction stands out and this is due to his track record of accurately predicting the market top in the 2021 bull market.
crypto Expert Says bitcoin Has Hit Bottom
crypto expert Dave the Wave first rose to fame in 2021, when he accurately predicted the top of bitcoin. With this in mind, Dave's analysis carries weight in the cryptocurrency market, so it's no surprise that his most recent bitcoin bottom prediction is making the rounds.
Related Reading: Gaming The System: Expert Reveals Why XRP Price Will Hit $33
In it x.com/davthewave/status/1788780094565290493″ rel=”nofollow”>analysis which was posted on One of them is the MACD which, according to the analyst, is still far from the levels of the last bull market.
In addition to the MACD continuing to trend below this level, the crypto expert notes that the crypto market is more mature than it was. Given this maturing market, Dave the Wave stated, “I wouldn't be at all surprised to see something different develop, pattern-wise, over a longer period of time.”
The analyst suggests that bitcoin's bottom is actually there, 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 can go. If this holds, then bitcoin price may not fall below $60,000 before resuming its bullish rally.
btc Price Expectations Remain Bullish
Despite the slow momentum that has affected the price of bitcoin, investors remain bullish on the cryptocurrency. This is evidenced by the fact that the bitcoin Fear & Greed Index maintains a firm grip on greed territory, showing that investors are still willing to buy into the market.
Related Reading: Theta Network Breakout Is Imminent: Why a 100% Rise Is Possible From Here
Furthermore, predictions from crypto analysts such as Rekt Capital have shown expectations of further price increases. Rekt Capital predicts that the btc price will continue to cross $100,000 as long as the price can break above $63,000 and maintain this level.
However, elsewhere on social media, there is a change in the btc price tide as social sentiment begins to fall into bearish headwinds. Santiment, an on-chain data aggregation platform, revealed that bitcoin social sentiment saw a 14% drop in the last week.
Featured image from Investment U, chart from Tradingview.com
