In the past days, investors watched Bitcoin closely, hoping it will be able to break through the major resistance at around $10k.

Analyst Dave the Wave is expecting Bitcoin to start a major retrace before eventually hitting $100k be 2023.

If we're to see a year long manic market, a longer cycle, and diminished returns…. pic.twitter.com/Fv3z9bjgN4

— dave the wave (@davthewave) May 5, 2020

It’s worth noting that Dave predicted the 2019 retreat correctly.

Going forward, will use this thread to map out the correction. I think many will be surprised how low the price could go… but then this is the correction of a parabolic rise. Looking for a 50% correction, but keeping some powder dry should it drop a little lower. pic.twitter.com/GTuYoElHO4

— dave the wave (@davthewave) July 24, 2019

Veterans call this period “accumulation” and they #BuyTheDip*.

Source: CryptoGazette.com

*We don’t offer financial advice. The crypto market can get either way.