An analyst who accurately called the market top in 2021 says that May of this year could be one of the last great opportunities for investors bullish on Bitcoin (BTC).
The pseudonymous analyst known as Dave the Wave tells his 143,000 followers on the social media platform X that Bitcoin could correct in the first quarter of this year.
However, Dave the Wave says that the correction could ultimately be an optimal entry point for those looking to go long on Bitcoin for the next major bull market expansion.
“BTC prediction:
Everyone will be saying sell in May and go away… when it may just exactly be the best time to buy [for those that haven’t already].”
Dave the Wave uses his version of logarithmic growth curves (LGCs), which aim to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
According to the trader, the LGC’s support levels are likely about to be tested, either at the longer-term end of the channel near $30,000 or potentially at $38,000 if its shorter ascending channel stays intact.
“The LGC BTC ‘stress test’:
light- possible 38% consolidation of the recent move up within the technical channel.
heavy – possible 38% correction of the whole channel itself.
Still all good for investors who have bought [and buying] the LGC buyzone [lower shaded].”
At time of writing, Bitcoin is trading at $41,106, a 1.15% decrease in the last 24 hours.
Generated Image: Midjourney
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May 2024 Could Be Best Opportunity for Bitcoin (BTC) Bulls, According to Top Analyst – The Daily Hodl
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