BTC Price Predictions By Analyst Dave the Wave
In June 2019, the BTC price surged to over $ 10 000, and a large number of traders even expected further increase. Nonetheless, Dave the Wave, an analyst, called for the return of rationality to the crypto market, based on claims that the uptrend of $10 000 represented overextension of Bitcoin’s long-term growth curve.
The analyst maintained that the BTC price is positioned to revisit $6.7K. The analyst forecast proved correct as the BTC price declined from $8K to $6.7K.
Dave the Wave Predicts Further Upsurge
Despite the current bearish factors in the crypto market, Dave the Wave believes that Bitcoin is ready to return to the upside, based on several technical aspects.
Recently, he highlighted “M1, M2, and M3” readings for the price targets, and they are used in traditional markets to measure various forms of money. This analyst maintained that his retracement targets got attained, but market participants will consider what other analysts are saying to agree or disagree.
Velvet’s Take On the BTC Price Trend
According to a crypto trader, Velvet, this week‘s close is essential for Bitcoin. This factor means that Bitcoin needs to hold a significant trend line when the market closes on Sunday.
It is noteworthy that the trend line always ended up in bear markets each time Bitcoin crossed under it. At the moment, it is at the high- $6k, and the BTC price is over it.
Velvet further remarked that the bitcoin price might attain $20k by March 2020, based on an upsurge that followed previous halvings, due to the anticipation that a negative supply shock would hit the market.