CandleFocus Here’s How Close the Bitcoin Bottom Could Be, According to Trader That Called Last Market Cycle Top
2025-03-02
Author: Content Editor
The veteran crypto trader, Dave the Wave, who has a track record of accurately predicting Bitcoin's market tops and bottoms, suggests that BTC is approaching the end of its current correction. He believes that Bitcoin is reacting strongly to the 365-day simple moving average (SMA) and that it may bottom out at this level for the fourth time since the beginning of the bull market. Dave the Wave also references the 0.5 Fibonacci level, which traders use to identify potential entry and exit points. Despite market fear, he compares the current correction to a previous one in August 2024, where Bitcoin dipped to the 0.382 Fibonacci level before experiencing fresh rallies. The trader predicts a deep drawdown that will set the stage for a Bitcoin rally to around $180,000 by the end of the year. Currently, Bitcoin is trading at $86,114, 21% below its all-time high.
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