An expert predicting the 2021 crypto market crash anticipates a notable Bitcoin (BTC) correction before reaching new all-time highs.
Dave the Wave, a trader with a large following on X, suggests that BTC may drop to approximately $90,000 before starting its next upward movement, rather than experiencing a rapid, parabolic rise.
The trader has set a target price of around $160,000 for BTC by September of this year.
“While we all desire a higher BTC price immediately,
I would lean towards a more gradual rise rather than a sudden spike.”
Referencing his newsletter, Dave the Wave explains that BTC tends to rally quickly but corrects over a longer period, dampening sentiment and surprising bears before a major move.
“Currently, it appears that price breaks out rapidly every two weeks. This pattern is often described as the elevator going up and the stairs going down – price surges happen swiftly, while consolidations occur gradually…
Consolidations lead to negative sentiment after the initial excitement fades. This process takes time, testing the endurance of traders and investors. It’s where contrarians see opportunity in market behavior.
Quick and frequent surges are common.”
As of now, Bitcoin is priced at $103,105.
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