A senior analyst, who accurately predicted the peak of the crypto market in 2021, suggests that May this year could present one of the last major opportunities for investors expecting a Bitcoin (BTC) rally. Known as Dave the Wave, the crypto analyst indicated on social media platform X that Bitcoin might correct in the first quarter of the year.
However, he also mentioned that this correction could ultimately offer an ideal entry point for those looking to take long positions in Bitcoin, leading up to the next major bull market expansion. Dave the Wave’s price analysis suggests that while many might advise selling in May, it could be the best time for those who haven’t bought yet to consider purchasing.
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 could potentially be tested around $30,000 at the long-term end of the channel or possibly $38,000 if the shorter ascending channel remains robust.
He further elaborated that a mild 38% consolidation of the recent rise in the technical channel is possible, or a more significant correction of 38% of the entire channel itself could occur. Despite this, the LGC buying region remains favorable for investors.
At the time of writing, Bitcoin is trading at $41,106, experiencing a 1.15% decrease over the last 24 hours.