Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go

Bitcoin has had a rollercoaster of a month in January. The digital asset which enjoyed much success in 2021 has walked into 2022 with bloody feet. Since then, it has managed to crumble more than 50% of its $69K all-time high. As nerves run high, investors scramble to make sense of when the onslaught will cease. As bitcoin is yet to see any significant support below the $40,000 level, analyst says the worst may be yet to come. Bitcoin Has Lost Critical Support Level Pseudonymous analyst Dave the Wave is known in the crypto space for being one of the few to call the May crash. Last year when prices of digital assets like bitcoin went into a frenzy, Dave had been one of those to sound the alarm for the incoming price crash. Not long after, the market had indeed seen a price crash that led to about a 50% downward correction. Related Reading | Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely This time around, the analyst has issued another warning. Using multiple charts, Dave the Wave lays out their analysis of the bitcoin market. The prognosis? Further downward correction towards $25,000 may be possible. BTC begins recovery trend | Source: BTCUSD on TradingView.com The analysis spreads over multiple tweets where Dave the Wave educates their 90K Twitter followers on what they expect from the market. Firstly, they analyzed using the Fibonacci extension. After measuring its potential head and shoulders, landing on...