An analyst who called the 2021 crypto market meltdown says that a significant Bitcoin ( BTC ) correction is likely to occur before new all-time highs are met. The pseudonymous trader known as Dave the Wave tells his 153,500 followers on the social media platform X that he’s expecting BTC to dip to around $90,000 before launching its next leg up, rather than a quick, parabolic ascent. The trader appears to have a rough price target of about $160,000 for BTC by around September of this year. “We all want BTC price higher here and now. But if I were a betting man, I’d say the orange not the yellow.” Source: Dave the Wave/X Citing a part of his newsletter, Dave the Wave says that BTC typically rallies extremely quickly, while it corrects in a more drawn-out fashion that drags down sentiment and puts bears offside for the big move. “These days, it seems that with every fortnight comes a new breakout in price. And this is typically the way where they say price takes the elevator up and the stairs down – price increases tend to happen rapidly, where the consolidations take place over an extended period of time… The consolidations create negative sentiment after the initial enthusiasm of the previous run-up wears off. And this is a process that takes place over time. Duration on the chart requires endurance in the trader/ investor. And of course, this is where the contrarian aspect comes into play – where most will allow the general market sentiment to affect their own, the contrarian sees instead opportunity in the way in which markets typically operate. And so the run-ups come quick and fast.” At time of writing, Bitcoin is trading for $103,105. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Crypto Analyst Says Bitcoin Correction Coming Before Breakout to New All-Time High – Here’s His Forecast appeared first on The Daily Hodl .
