A Medium-Term Bear Trend Looks to Take Bitcoin’s Price Below $7,000

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The Bear Market Isn't Over Yet - Here’s Why!
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Bitcoin, the most valued cryptocurrency, hasn’t been performing well recently. It’s evident from the charts that since the crypto asset had hit a YTD high, some time at the end of June, its been on a slow and steady fall since then. Among many factors, Bakkt’s failure to deliver as expected has been one of the reasons bitcoin’s value has continued to fall.

However, it seems the fall won’t end anytime soon. To make matters worse, bitcoin’s daily volume has also declined drastically. Bitcoin, which saw over a billion-dollar worth of transactions between July and August barely sees $335 million today according to the data by Messari.

Mid-term Target For Bitcoin

Dave the Wave, a bitcoin investor, and analyst, via a Tweet, voiced his opinion about Bitcoin recently. In his view, Dave the Wave believes there’s a possibility of bitcoin declining from its current price of $8,181 to about $6,700. This he calls a mid-term target for those who are investors or position traders.

In the midst of all these, no good news is forthcoming. Analyst Dave the Wave, who has been frequent with his analysis about bitcoin for a while further sends more shock down the spine of those expecting bitcoin to recover from its mess soon.

Dave the Wave predicts that bitcoin could see “A *possible short term target* at previous support then back down to the target in the more *medium-term target* of 6.7K.”

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This may not be what bitcoin enthusiasts want to hear, but Dave the Wave called on longer-term investors and traders to take advantage of the decline. With a bit of confidence in his tone, while calling short-term targets a “code for gamble” believes his long term analysis will favor the “investor/ position trader.”

Not just Dave the Wave, but of recent, as reported by ZyCrypto, another analyst, Mayne had also called a bitcoin decline before a bull run which will take its price beyond the current YTD high.


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