There are statements from an analyst who heralded the collapse of the Bitcoin and altcoin market in May 2021. The analyst says right now is not the time to avoid excessive risk in Bitcoin (BTC). cryptocoin.comLet’s take a look at the details.
Buying time for bitcoin
Analyst Dave the Wave calls out to his 138,500 Twitter followers. In this context, he draws the details of being cautious at the moment when prices are low. He says it’s a game based on emotions rather than a conscious decision based on graphics. Dave the Wave gives a reminder. He states that it is necessary to be cautious when prices are at the top for Bitcoin. On the other hand, he says that this level of caution should be low when prices are at the bottom. Dave the Wave points out that acting cautiously when prices are at the bottom will have the opposite effect. You would think that such a situation is counterintuitive. To him, an overly cautious narrative is just like the overly optimistic one at the top. It will be a game on sensitivity. At this point, Dave the Wave emphasizes that opposing views will gain a meaning. It also points out that this situation will go against emotions and a wide audience.
Dave the Wave also shares the chart of Ethereum (ETH) apart from Bitcoin. Accordingly, he states what the leading smart contract protocol will do if the price exceeds the horizontal resistance around $2,300. Accordingly, it implies that it is in the later stages of the ascending triangle, a generally bullish pattern that signals a potential trend reversal.
In BTC consolidation model
Bitcoin (BTC) is predominantly trading in a consolidation pattern as there has been uncertainty in the general market in recent weeks. Mihai_Iacob, a cryptocurrency analyst, pointed out that Bitcoin BTC exhibits remarkable resilience by effectively holding its position. He stated in a post on his post that he was ‘holding very well’.
He notes that historically, when negative news has not significantly impacted an asset and has not resulted in a technical collapse, it often leads to a bullish bias. In this case, it is obvious that Bitcoin exhibits this feature. Accordingly, developments indicate a potential reversal on the horizon. He pointed out that from a technical standpoint, Bitcoin price has found strong support at $25,000, a key convergence point defined by a trendline and horizontal support that emerged earlier this year. With Bitcoin holding above $26,000, the analyst points to a significant level. Accordingly, he suggests that the leading cryptocurrency regaining the $27,000 point will confirm its bullish outlook. In such a case, the analyst states that the price will first reach 30,000 and then 35,000 dollars.
