Should it have been that for BTC first? A well-known analyst warns that Bitcoin may be on the verge of a new bear market.

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50% crash “quite conceivable”

Once again, the bulls had to admit defeat to the bears yesterday: despite all the efforts, Bitcoin has not managed to stay above the important 45.000 dollar support zone. After failing to overcome resistance at $ 48,000, BTC faced a new decline.

Bitcoin’s 5-day chart shows the continued decline. Source: Tradingview.com

The cryptocurrency number 1 fell through support at $ 46,500, at times even visited lows at $ 44,200. Now, Bitcoin has been consolidating around $ 45,500 for quite some time. What’s next from here?

Popular crypto trader “Dave the Wave” is currently warning his 72,000 Twitter followers about the Worst case scenario: a new bear market that is causing Bitcoin to crash massively. In his assessment, there is a threat of a huge correction, which could even return Bitcoin to the $ 20,000 range.

The analysis makes many industry observers sit up and take notice, because the pseudonymous trader has already predicted the Bitcoin crash in May. If it is correct this time, Bitcoin blooms a significant loss in value. He writes:

“The Fibonacci period [die von Anfang an eingezeichnet wurde] allows a reasonable amount of time for correction, comparable to the parabolic spike. Another move of a similar magnitude to the previous one would put the price in the low $20.000 range.“

This, according to Dave the Wave, is not certain, “but quite conceivable”.

To do this, the trader shows a chart with Bitcoin’s price development from May 2020 to May 2021. On it can be seen: the increase from $ 20,000 to over $ 60,000 with a subsequent correction of 50% to $ 30,000. Dave the Wave is safe: BTC is still in a downtrend. How do other experts see it?

$50k – just a matter of time

The popular chartist @SmartContracter writes to his more than 158,000 followers: the uptrend is still intact. Bitcoin still has to overcome some resistance. However, he sees a good chance that Bitcoin’s current price action has merely formed another higher low.

Adrian K. Zduńczyk, also known to many as “Crypto_birb”, remains optimistic about Bitcoin’s short – and medium-term prospects. He does not expect a sharp correction. In a new analysis, he comments: Bitcoin will rise above $ 50,000, which is”a matter of time.” Unclear only: Is BTC moving straight up or is it previously visiting the $ 42,000 region? Zduńczyk:

“Overall, 53-58k imo is more of a matter of time, and the question is whether it goes straight up from here or with a local setback in the 42-45k range in between.“

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