Renowned analyst who predicted Bitcoin price top at $69,000, now claims the bottom is at $24,000 – FXStreet

Ekta Mourya Ekta Mourya
FXStreet

Bitcoin price could nosedive to a new bottom at $24,000 according to analysts that believe a fresh sell-off is imminent. In May 2021, the same analysts predicted the crash that occurred then and have since been following the assets price evolution closely. The now see indications of a new bottom on the horizon.
Also read: Analysts fear Bitcoin price correction below $29,000 as BTC decouples with stock markets
Dave the Wave, is a leading cryptocurrency analyst and YouTuber, popular for predicting the May 2021 bloodbath in Bitcoin price. The analyst accurately predicted the May 2021 crash in Bitcoin, when BTC price hit $25,400, and the double top pattern at $69,000. Popular for his notoriously accurate predictions, the analyst recently revealed his thoughts on fresh evidence Bitcoin will form a new price bottom
I think this was my first mention of a double top [back when it was an anathema]. If a double top, why not a double bottom….? https://t.co/D2cDPgmttZ
The analyst believes Bitcoin price is headed back towards its May bottom and will soon turn over and begin its descent. Dave told his 1.11 million Twitter followers that he foresees Bitcoin trading near its 48-month moving average. According to the analyst, this is the spot where Bitcoin historically tends to hit bottom. 
Dave was quoted as saying,
Arguably, another month in it [on the basis of this metric]… which is what you’d expect if [Bitcoin] price is to re-test the lows over the course of this month.
Dave believes Bitcoin’s Logarithmic Growth Curve channel, Moving Average Convergence/Divergence (MACD) and Relative Strength Index (RSI), are signaling that the bottom will be hit in the next few months. 
These technical indicators are used to identify strong trading signals and identify overbought or oversold territory in a cryptocurrency. At the current levels, the analyst believes these indicators signal that Bitcoin price could hit its bottom ($24,000), as early as this month, June 2022
The analyst was quoted as saying, 
Comparison of the Bitcoin weekly MACD structure is looking promising…[for Bitcoin price bottom]
Bitcoin weekly MACD chart
Bitcoin weekly MACD chart
Dave supports the narrative of diminishing Bitcoin price cycles. He argues Bitcoin price cycles have become increasingly shorter and are “diminishing” with a rise in maturity in the crypto market. 
Dave’s conclusion is similar to Benjamin Cowen’s, a leading crypto analyst who believes Bitcoin lengthening cycles are dead. The bear market has been here for months now, and is likely to rage on. Cowen applies Macro trading, an investment approach that considers factors such as inflation, interest rate and fiscal policy’s influence to Bitcoin price. He believes the bear market could persist and the long winter could be a macro “bottom” signal for Bitcoin price
Analysts at FXStreet believe Bitcoin price could rally to $35,000 target over the weekend. For more information, watch this video:
 

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Bitcoin price is undergoing an uptick in sell-side activity that has led to a retracement after nearly a week of an uptrend, starting July 13. Now, BTC has arrived at a level that will decide its fate and perhaps the directional bias for altcoins. 
ETH is doddering marginally below $1,550 following a few days of stability. The leading smart contracts token had jumped from support roughly at $1,040 in the previous week, and nearly brushed shoulders with $1,700. 
Crypto.com announced that Google Pay has been added as a payment method on its application. Users can now make faster, more efficient payments and instantly buy crypto in a few simple steps using Google Pay. 
LUNA price regained momentum toward the end of last week and exchanged hands at $2.20, bolstered by increased liquidity. However, the embattled token failed to stretch the bullish leg further, leading to an immediate correction.
Bitcoin price has noticed a large shift in sentiment from being overly bearish to optimistic. Although greed is still out of the equation, things could soon reach these levels, especially if the trend continues as it has over the last ten days.
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