Analyst who predicted that Bitcoin's top goals drop to $ 16,000
Analyst who predicted that Bitcoin's top goals drop to $ 16,000
one of the most renowned analysts in the cryptocurrency area claims that he is ready to continue his downward trend.
The central theses
- The price of Bitcoin has fallen by more than 10 % since the beginning of the weekly trading session.
- A daily conclusion of less than $ 44,000 could lead to considerable losses.
- The renowned technical analyst Dave the Wave expects a downward trend towards $ 16,000
Bitcoin may have confirmed that after a recent rejection of the $ 49,000 zone, it entered a baisse.
Bitcoin comes into a declining cycle
Bitcoin started the week in Bärische mode after it had to add a dive of 10 % since the market opened. The leading cryptocurrency lost almost 5,000 points and fell from a maximum of $ 47,250 to a low of $ 42,490.
Although a daily closure below $ 44,000 would confirm a full-grown trend reversal, an analyst with a success record when naming the price activity of Bitcoin believes that further losses are in sight.
The Chartist, which operates under the pseudonym Dave the Wave In January (He reached around $ 64,000 in April and had lost more than half of its value by mid-July). Now Dave the Wave claims that BTC has entered a new correction phase.
The dealer informed a detailed blog post in which he argued that the price campaign of BTC is developing in the form of cycles that break into a "random series of mini-mania and subsequent corrections, which increasingly decrease in volatility and in turn lead to pricing"
After the recent rejection of the assets from the resistance zone of $ 49,000, the technical analyst predicted spreserver spaces =" true "> in the coming months Direction of the moving 200-week average of $ 16,000. Since Microstrategy and El Salvador with the recent purchases have increased the purchase pressure behind Bitcoin, the downward potential could be limited. Nevertheless, network activity indicates that the interest of private investors could decrease. The number of new daily addresses that join the BTC network has reached a number of lower highs in the past two weeks. Around 436,000 new Bitcoin addresses were created on September 16, compared to the 463,000 new addresses that were created on September 2. The persistent shrinkage of the network can be viewed as a pessimistic signal, since it shows a decrease in the user acceptance over time. Network growth is often considered one of the most accurate price forecasts. While an exponential network growth tends to pave the way for Bullish price campaigns, a longer phase of the network shrinkage can indicate that the prices are about to be broken. Until the number of new daily addresses created in the BTC network, the prospects should remain pessimistic. 
Network activity loss
