Source: dailyhodl.com
A popular crypto trader who called the May 2021 Bitcoin (BTC) collapse isn’t phased by crypto’s bearish price action this week.
The pseudonymous analyst Dave the Wave tells his 129,800 Twitter followers that he has “zero” fear about the current crypto market woes, arguing that BTC is forming a bullish divergence on the weekly chart.
“BTC bullish divergence on the weekly.”
Dave the Wave notes that bullish divergences happen when prices reach a new low and an oscillator doesn’t. That can signal the conclusion of a downtrend, according to the analyst.
Bitcoin is trading at $17,256 at time of writing. The top-ranked crypto asset by market cap is up 1.3% in the past 24 hours.
Despite Bitcoin’s bearish price action, Dave the Wave thinks BTC could still explode by a whopping 3,400% over the next decade. He shares a chart demonstrating Bitcoin hitting nearly $550,000 by late 2032.
“BTC 3400% return in 10 years anyone?”
Crypto assets plummeted across the board this week after Tuesday’s stunning collapse of embattled exchange FTX’s native FTX Token (FTT).
After being seen as a pillar of stability in the crypto community during the summer’s bear market, FTX is dealing with what it has described as a “liquidity crunch” after facing a flood of speculation that it is relying far too heavily on holdings denominated in FTT.
FTT went from trading around $22 on Monday to changing hands at $2.35 at time of writing.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/marymyyr/Nikelser Kate
Read More at dailyhodl.com