Dave the Wave analyzes: Bitcoin under pressure at key levels

Crypto analyst Dave the Wave, known for his accurate predictions of the top in 2021, shares his view on the current market situation. Over the past weeks, Bitcoin has experienced significant pressure, with the price fluctuating around critical support zones. Currently, Bitcoin is trading around $67,570, indicating a substantial correction from recent peaks.

According to Dave the Wave, the further development of Bitcoin heavily depends on how the market handles certain technical support levels. In particular, the area around $88,000 is seen by him as a crucial threshold. If Bitcoin drops below this level and cannot hold the support, he suggests that further downward movements are more likely.

Dave’s technical forecast: $70,000 as a support zone

When Bitcoin fails to hold the critical levels, Dave the Wave warns of a potential pullback toward the support area around $70,000. This would represent a decline of approximately 22 percent compared to the levels he previously warned about. More importantly, he puts this into perspective: although such a correction seems significant in absolute terms, he considers it a relatively normal retracement of about 25 percent within a bull market since 2023, in logarithmic terms.

The analyst notes that recent price action shows a mixed picture. In the short term, a so-called ascending triangle may be forming—a technical pattern that could indicate an upward breakout with potential for higher levels. However, he emphasizes that he considers it more likely that Bitcoin will correct further before a new momentum develops.

The technical landscape: different signals point in different directions

Not everyone shares the same view of the market. Crypto analyst Crypto Seth points to an alternative scenario: if Bitcoin rises above $95,000, this could lead to massive liquidations of short positions. This could actually support the price to the upside. His analysis suggests that Bitcoin is currently oversold and that short liquidations could occur.

Another perspective comes from Titan of Crypto, who notes a death cross in the Ichimoku indicator—a traditional warning signal. However, since this pattern forms within the Kumo cloud, Titan considers it less reliable. The subsequent Tenkan-Kijun cross could typically be followed by a pullback.

Veteran trader Peter Brandt, known for accurately predicting the 2018 crash, warns of sharp corrections. He points to weak market structure and failing support levels that increase the risk of accelerated downward movement. Although he also mentions specific target levels, he emphasizes that he is not afraid to be wrong—something that analysts often experience.

Current market stance and future outlook

With Bitcoin trading around $67,570 and a 24-hour decline of 2.10%, the technical situation remains complex. The zone between $70,000 and $90,000 is crucial for the market sentiment in the coming weeks. Dave the Wave’s warning remains valid as long as these levels are not convincingly held.

The differing viewpoints among analysts indicate that the market is at a crossroads. Some see recovery opportunities through liquidations and technical restructuring, while others like Dave the Wave are more cautious and expect further corrections before momentum re-ignites in a bullish direction.