Bitcoin Nearing End of Correction Amidst Positive Analyst Predictions

Crypto analyst Dave the Wave suggests Bitcoin is forming a strong bullish base. He predicts a rally towards $89,000, a dip to $77,000, and a potential all-time high above $110,000. Despite bearish sentiment, he believes the long-term upward trend remains intact as the current correction ends. Bitcoin’s price is currently at $83,500.

A prominent crypto analyst, known as Dave the Wave, suggests that Bitcoin (BTC) is forming a robust foundation for its upcoming bull market after correctly predicting the 2021 crash. He shares insights with his 149,300 followers on platform X, noting an inverse head-and-shoulders pattern emerging on the daily chart, which typically indicates a bullish trend.

The inverse head-and-shoulders pattern signifies that investors are ready to buy rather than wait for further price declines. Dave the Wave anticipates BTC could surge towards $89,000, retract to a support level of $77,000, and eventually reach a new all-time high exceeding $110,000. He emphasises that breaking the resistance neckline could confirm the bullish reversal.

Despite the prevailing bearish market sentiment, Dave the Wave remains confident in Bitcoin’s long-term uptrend. He notes that the price corrections appear nearing completion, asserting that an objective observer would interpret the chart as merely fluctuating within a series of moves and corrections. Many market participants, however, exhibit panic due to collective sentiment and the psychological phenomenon known as ‘money illusion.’

Currently, Bitcoin is valued at $83,500. For timely updates, you can follow The Daily Hodl on X, Facebook, and Telegram. Stay informed by subscribing to our email alerts for valuable insights.

Disclaimer: The views expressed in this article are not financial advice. Investors should conduct their own research before making high-risk investments and understand that all trading activities are undertaken at their own risk.
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