Crypto traders must prepare for a large-scale correction, warns analyst-this is how long the market downturn will last

The popular crypto analyst, who correctly predicted several bitcoin price collapses (BTC), says traders need to prepare for a comprehensive market correction.

Fake Cryptotrader Dave Wave told 68 600 subscribers on Twitter that previous withdrawals on bitcoin’s logarithmic growth curve (LGC) had shown that the current correction could take another five months – until the end of 2021.

“These are just mathematical people. When the price moves from the LGC from the bottom up, it recovers in real terms by 38% [going forward].”

“Comparing this correction to the previous one, the current price is halfway through… so far, he’s only been down to level one.

Over time, the correction, also, the comparison, will last until the end of the year, another five months.”

The trader correctly predicted the collapse of bitcoin from 11 400 to 6 400 in 2019.

It also warned traders about falling bitcoin prices before the crash in late May. Now, he says, the current momentum mimics 2018.

One is not for the faint of heart, and he won’t have many fans.

Momentum looks most like 2018. A short-term recovery as part of a two-stage downturn by the end of the year. The good news is that this time price support is at the top of the “buy zone.”

– Dave wave (@davthewave) July 6, 2021

The trader says the price of bitcoin will rise in the long run.

“For those interested in macro. Chances are in your favour, you are right by consistently arguing that the price will rise to much higher prices… eventually.

This is a big problem. The challenge is to name the mid-term, where the odds are less in your favor.”

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