Analysts Dave predict a sharp rise in Bitcoin! Here’s its long-term outlook and potential new records

Jakarta, Pintu News – The crypto watcher who successfully predicted the peak of the Bitcoin bull market in 2021 has now revealed that the worst phase of the current Bitcoin (BTC) price decline may be over. The analyst who goes by the pseudonym Dave the Wave has shared his analysis with his 148,800 followers on social media platform X, indicating that Bitcoin (BTC) has almost reached the bottom of its correction price.

Technical Analysis Points to Bitcoin (BTC) Recovery

Dave the Wave uses several technical indicators to show that Bitcoin’s (BTC) downside potential from current levels is very limited. According to him, there are several factors that support this prediction, including the multi-year diagonal support that continues to appear and the 0.38 Fibonacci retracement pattern that is repeating. These indicators have proven to be reliable tools in predicting Bitcoin (BTC) price movements in the past.

In addition, the analyst also highlighted the 0.5 Fibonacci retracement and its role change from resistance to support. Additionally, the analysis of the Fibonacci time that lasts until the end of April and the one-year moving average also supports this basic theory of price. The combination of these technical factors provides strong reasons to believe that the worst phase for Bitcoin (BTC) may be behind us.

Also Read: Bitcoin and Stock Market Plummet, Arthur Hayes Asks Investors to Be Patient: Why is Crypto Red?

Price Predictions and Recovery Momentum

Based on the Fibonacci extension tool used by Dave the Wave, Bitcoin (BTC) is expected to bottom out at $74,000, where three technical indicators converge to act as support. These indicators include the 0.5 Fibonacci level, the long-term diagonal trend line, and the one-year moving average.

Currently, Bitcoin (BTC) is trading at $79,361, suggesting that the bottom may not be too far away. After reaching this low, Dave the Wave predicts that Bitcoin (BTC) will more than double from that level. This prediction is based on the same technical analysis that has helped the analyst accurately predict market dynamics before. If this prediction is correct, it will be a significant turning point for Bitcoin (BTC) investors and traders.

Long-term Outlook and Potential for New Records

With the belief that Bitcoin (BTC) will recover from its recent correction, Dave the Wave also projects that Bitcoin (BTC) will reach a new record high of $160,000 before the end of this year. This prediction shows significant growth potential and could be a bullish signal for the crypto market as a whole.

This projection also signals a change in market sentiment from bearish to bullish, which could trigger a new wave of investment in Bitcoin (BTC) and other cryptos. Investors and market watchers will probably be watching closely to see if these predictions will materialize, which could usher in a new era for blockchain technology and digital assets.

Conclusion

With in-depth analysis and bold predictions, Dave the Wave gives new hope to Bitcoin (BTC) enthusiasts. While the crypto market is known for its volatility, analysis like this provides insights that can help in navigating the often unpredictable market. Only time will tell if these predictions will come true, but for now, the future of Bitcoin (BTC) looks bright.

Also Read: Drastic 19% Drop in Solana Futures – Here’s Solana’s Technical Outlook in March 2025

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Daily Hodl. Analyst Who Nailed End of 2021 Bull Market Says Bitcoin May Have Seen Worst of Correction – Here’s Why. Accessed on March 12, 2025
• Featured image: Generated by AI