The leading crypto-bitcoin (BTC) has fallen below $33,000, losing more than 15% weekly. As the cryptocurrency market follows leading cryptocurrencies, one analyst predicting the collapse of BTC in May 2021 raises possible scenarios for BTC, including a dramatic capitulation event.
“If there is a move similar to the previous ones, BTC could go up to $25,000,”
An analyst under a pseudonym known as Dave Volna informs his 98,000 Twitter followers that the leading cryptocurrency Bitcoin is likely to fall below the $25,000 range.
For reference, the analyst uses the correction periods of May 2021 and November 2021 as examples of the following levels that BTC investors can see. Dave Volna says in his Twitter post:
The analyst also notes that despite the bearish price behavior in recent weeks, bitcoin (BTC) still has a significant decline, as evidenced by its 200-week moving average (MA).
Dave Volna says bitcoin is still well above its 200-week moving average, and its 20-week moving average historically tends to revisit the 200-week moving average before the bear market ends:
While the analyst says that the most likely scenario for a market-leading cryptocurrency is a prolonged bearish trend, he states that when scaling down (in a broad perspective) BTC is still in a strong long-term bullish trend. Dave Wave explains: