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Cryptocurrency market analyst Dave the Wave has warned that Bitcoin could experience a deeper drop if it fails to stay above $ 88,000. He said this to his 154,700 followers on social network X after the price of BTC unexpectedly dropped below $ 90,000.
According to him, in the event of a breakout, the cryptocurrency could fall to $ 70,000, which would mean a correction of more than 22% of its current value. The analyst noted that despite the signs of an upward triangle formation, which theoretically implies growth, a further decline remains a more likely scenario.
Dave the Wave explained that on a logarithmic scale, such a drop would correspond to about a 25% correction in Bitcoin’s growth, which began in 2023. In this context, the movement to $ 70,000 does not look abnormal, although in nominal terms it may seem significant.
A similar position is held by market veteran Peter Brandt, who accurately predicted Bitcoin’s decline in 2018. He also warns about the likelihood of a significant correction in the near future.
At the time of publication, Bitcoin is trading at $ 89,890, up 1.6% from the previous day.