{"id":481844,"date":"2022-01-24T23:00:42","date_gmt":"2022-01-24T23:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=481844"},"modified":"2024-06-11T09:28:30","modified_gmt":"2024-06-11T09:28:30","slug":"has-bitcoin-reached-its-bottom-analyst-says-it-still-has-a-long-way-to-go","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/has-bitcoin-reached-its-bottom-analyst-says-it-still-has-a-long-way-to-go\/","title":{"rendered":"Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go"},"content":{"rendered":"

Bitcoin has had a rollercoaster of a month in January. The digital asset which enjoyed much success in 2021 has walked into 2022 with bloody feet. Since then, it has managed to crumble more than 50% of its $69K all-time high. As nerves run high, investors scramble to make sense of when the onslaught will cease. As bitcoin is yet to see any significant support below the $40,000 level, analyst says the worst may be yet to come.<\/p>\n

Bitcoin Has Lost Critical Support Level<\/h2>\n

Pseudonymous analyst Dave the Wave is known in the crypto space for being one of the few to call the May crash. Last year when prices of digital assets like bitcoin went into a frenzy, Dave had been one of those to sound the alarm for the incoming price crash. Not long after, the market had indeed seen a price crash that led to about a 50% downward correction.<\/p>\n

Related Reading |\u00a0Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely<\/a><\/strong><\/em><\/p>\n

This time around, the analyst has issued another warning. Using multiple charts, Dave the Wave lays out their analysis<\/a> of the bitcoin market. The prognosis? Further downward correction towards $25,000 may be possible.<\/p>\n

\"Bitcoin<\/p>\n

BTC begins recovery trend | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The analysis spreads over multiple tweets where Dave the Wave educates their 90K Twitter followers on what they expect from the market. Firstly, they analyzed using the Fibonacci extension. After measuring its potential head and shoulders, landing on a downside of $25,000.<\/p>\n
They note that bitcoin had already broken through a critical support level. Under which there is not much support, meaning that the price of the digital asset was prone to continue falling. \u201cThe problem is once it loses that 40K area, there’s not much support below,\u201d the analyst said.<\/p>\n
\"Chart<\/p>\n
BTC loses support at $40K | Source: Twitter<\/a><\/pre>\n
What\u2019s In Store?<\/h2>\n
Naturally, the next steps were to figure out possible bounce points for the digital asset. They do this by mapping out where there would be a trend reversal. \u201cA lower level again and lines of resistance that price would have to cross before even thinking of a trend reversal.\u201d Since this call, the price of bitcoin has since fallen below this point, now touching as low as $33,000.<\/p>\n
\"Chart<\/p>\n
BTC misses trend reversal | Source: Twitter<\/a><\/pre>\n
Related Reading |\u00a0Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst<\/a><\/strong><\/em><\/p>\n
Presently, the last chart in the series shows a possible upward reversal if the digital asset was able to hold above $35K.<\/p>\n
\"BTC<\/p>\n
BTC fails to hold above $35K | Source: Twitter<\/a><\/pre>\n
Since the tweet went live, bitcoin has not done well in the market and has in fact dropped below this point. If Dave the Wave\u2019s analysis is anything to go by, then investors may need to brace themselves for impact as the next stop may very be the $25,000 range, which is the next major support point.<\/p>\n
Featured image from LinkedIn, charts from Twitter and TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has had a rollercoaster of a month in January. The digital asset which enjoyed much success in 2021 has walked into 2022 with bloody feet. Since then, it has managed to crumble more than 50% of its $69K all-time high. As nerves run high, investors scramble to make sense of when the onslaught will cease. As bitcoin is yet to see any significant support below the $40,000 level, analyst says the worst may be yet to come. Bitcoin Has Lost Critical Support Level Pseudonymous analyst Dave the Wave is known in the crypto space for being one of the few to call the May crash. Last year when prices of digital assets like bitcoin went into a frenzy, Dave had been one of those to sound the alarm for the incoming price crash. Not long after, the market had indeed seen a price crash that led to about a 50% downward correction. Related Reading |\u00a0Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely This time around, the analyst has issued another warning. Using multiple charts, Dave the Wave lays out their analysis of the bitcoin market. The prognosis? Further downward correction towards $25,000 may be possible. BTC begins recovery trend | Source: BTCUSD on TradingView.com The analysis spreads over multiple tweets where Dave the Wave educates their 90K Twitter followers on what they expect from the market. Firstly, they analyzed using the Fibonacci extension. After measuring its potential head and shoulders, landing on a downside of $25,000. They note that bitcoin had already broken through a critical support level. Under which there is not much support, meaning that the price of the digital asset was prone to continue falling. \u201cThe problem is once it loses that 40K area, there’s not much support below,\u201d the analyst said. BTC loses support at $40K | Source: Twitter What\u2019s In Store? Naturally, the next steps were to figure out possible bounce points for the digital asset. They do this by mapping out where there would be a trend reversal. \u201cA lower level again and lines of resistance that price would have to cross before even thinking of a trend reversal.\u201d Since this call, the price of bitcoin has since fallen below this point, now touching as low as $33,000. BTC misses trend reversal | Source: Twitter Related Reading |\u00a0Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst Presently, the last chart in the series shows a possible upward reversal if the digital asset was able to hold above $35K. BTC fails to hold above $35K | Source: Twitter Since the tweet went live, bitcoin has not done well in the market and has in fact dropped below this point. If Dave the Wave\u2019s analysis is anything to go by, then investors may need to brace themselves for impact as the next stop may very be the $25,000 range, which is the next major support point. Featured image from LinkedIn, charts from Twitter and TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":481849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,17092,2888,3505],"class_list":["post-481844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-analysis","tag-market-analysis","tag-price-analysis"],"acf":[],"yoast_head":"\nHas Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go<\/title>\n<meta name=\"description\" content=\"Bitcoin has had a rollercoaster of a month in January. The digital asset which enjoyed much success in 2021 has walked into 2022 with bloody feet. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Has Bitcoin Reached Its Bottom? 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