A senior analyst who accurately predicted the peak of the crypto market in 2021 has suggested that this May could be one of the last great opportunities for investors expecting a rise in Bitcoin (BTC).
Bitcoin Correction Expectation
The cryptocurrency analyst known as Dave the Wave has suggested to his followers on social media platform X that Bitcoin, the leading cryptocurrency, could correct in the first quarter of this year. However, Dave the Wave mentioned that the correction could ultimately be the most suitable entry point for those wanting to take long positions in Bitcoin for the next major bull market expansion, stating:
BTC price analysis suggests that everyone will say sell in May and go away… That could be the best time to buy for those who haven’t yet.
Bitcoin Support Level
Senior analyst Dave the Wave uses a version of logarithmic growth curves (LGC) aimed at predicting the highest and lowest levels of Bitcoin’s market cycle while filtering short-term volatility. According to the analyst, the support levels of LGC are likely to be tested around $30,000 at the long end of the channel or potentially at the $38,000 level if the shorter ascending channel remains strong. The expert stated:
LGC BTC stress test: mild, 38% consolidation of the recent rise in the technical channel possible. Severe, a 38% correction of the entire channel itself is possible. LGC buying zone still okay for investors.
At the time of writing, the leading cryptocurrency Bitcoin is trading at $41,106, down 1.15% in the last 24 hours.