Dave the Wave: bitcoin will fall to $ 70,000

A well-known crypto trader who predicted the collapse of Bitcoin and the entire digital asset market in 2021 has released a new forecast for the possible low point of the BTC price in the current correction phase. The analyst, who goes by the pseudonym Dave the Wave, said that Bitcoin is likely to find its bottom at around $ 70,000, which is the upper limit of the «buying zone» according to his Logarithmic Growth Curve (LGC) model. This model is used to predict Bitcoin’s market highs and lows, eliminating short-term fluctuations.

According to Dave the Wave, Bitcoin’s technical support is currently coinciding with this upper limit of the LGC zone. He emphasized that the market often behaves contrary to the expectations of most participants: when traders are overly optimistic, the price falls, and when pessimism prevails, the asset shows unexpected growth. Thus, the current phase of excessive fear in the market may indicate an approach to a local bottom.

«The market tends to act in the opposite way to the expectations of the majority. When sentiment becomes too bearish, the price usually does not go as low as predicted,» the analyst said. In his opinion, the current «stuckness» of the price in a narrow range can be perceived as a signal of a potential reversal.

At the time of publication, Bitcoin was trading at $ 92,742, up 6.8% from the previous day. Despite the correctional pressure, the analyst believes that the current market structure is reminiscent of the early phases of previous cycles, when a price decline preceded a subsequent recovery.

Dave the Wave has previously gained popularity in the crypto community for his accurate predictions of a 2021 market peak and subsequent crash. His LGC model is now seen as one of the benchmarks for long-term investors seeking to identify rational buying zones in the face of cryptocurrency market volatility.