A senior analyst, who accurately predicted the peak of the cryptocurrency market in 2021, suggests May this year could be one of the last great opportunities for investors expecting a Bitcoin (BTC) rally. Known as Dave the Wave, the cryptocurrency analyst indicated on social media that Bitcoin might correct in the first quarter of the year, yet this correction could serve as an optimal entry point for those looking to take long positions in anticipation of the next major bull market expansion.
Dave the Wave’s price analysis for BTC suggests that while many will advise to sell in May and go away, it could actually present the best buying time for those who haven’t yet purchased. He uses logarithmic growth curves (LGC) to predict market cycle highs and lows for Bitcoin, filtering short-term volatility.
According to the analyst, the support levels of LGC could be tested around $30,000 at the long-term end of the channel or potentially $38,000 if the shorter ascending channel remains intact. He mentions that a 38% consolidation of the recent surge within the technical channel is possible, as is a 38% correction of the entire channel itself.
At the time of writing, Bitcoin was trading at $41,106, experiencing a 1.15% decrease over the last 24 hours. Despite the potential for short-term corrections, the LGC buying zone remains favorable for investors, according to Dave the Wave.