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Analyst warns: signals of Bitcoin price drop are observed
An analyst who claims that the current consolidation of Bitcoin in the amount of (BTC) could be resolved downwards, and who correctly predicted the cryptocurrency downturn three years ago, says that the market should be closely watched. An analyst using the pseudonym Dave the Wave informs his 148,300 followers on the social network X that he is monitoring the convergence and divergence indicator of the weekly moving average of Bitcoin on the chart and the (MACD) indicator. MACD is used by traders to determine the asset's trend and identify potential entry and exit points.
According to the analyst, the MACD indicator of Bitcoin is preparing for a reset after a bearish crossover, indicating that BTC is on the verge of a correction that could lead to a drop below $90,000. Dave the Wave expresses it in the following words:
BTC weekly MACD continues to reset towards the zero point. There is a possibility of technical consolidation and pressure to form new highs in future periods of the year.
There are similar movements as in 2024
The analyst also mentions potential downside targets for Bitcoin, noting that on the daily chart, BTC is paving a path similar to price movements in 2024. Last year, after reaching $74,000, Bitcoin dropped below $50,000. In this context, he argues that BTC could decline to $80,000, corresponding to the 0.382 Fibonacci level. The Fibonacci extension tool is known as an important technical analytical tool that helps traders identify potential entry and exit levels.
Dave the Wave, who is bearish on BTC in the short and medium term, remains optimistic in the long run. The analyst noted that after the expected decline, Bitcoin may start a parabolic rally to $260,000 by the end of 2025. At the time of publication of this news, Bitcoin is trading at $95,503.
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