In June, when\u00a0Bitcoin\u00a0was soaring above $10,000, nearly every trader and their mother expected the cryptocurrency to continue rocketing higher.<\/p>\n
Though, one analyst incessantly called for rationality to return to the crypto markets, claiming that this surge above $10,000 was a clear overextension of BTC\u2019s long-term growth curve. He went as far as to say that Bitcoin was poised to return to $6,700.<\/p>\n
The analyst, “Dave the Wave<\/a>” was recently proven correct when late last month, BTC fell from $8,000 to $6,700, validating a call he made over five months earlier.<\/p>\n Although there remain bearish factors in this market, Dave is starting to believe that it’s time for Bitcoin’s uptrend to resume, drawing attention to technical factors to back this optimistic opinion.<\/p>\n Dave recently noted that his price target’s for the cryptocurrency market’s de-facto “M1, M2, and M3” readings, which in traditional markets are the measure of different forms of “money” in the world’s economy, have recently hit his retracement targets: M1, Bitcoin’s market cap, has seen a 50% retracement; M2, the total market cap, a 61% retracement; and M3, the altcoin market cap, a 78% retracement.<\/p>\n These retracement values are Fibonacci Retracement values, making them notable in the eyes of technical analysts. For Dave, the fact that these measures have reached those retracements implies crypto may soon rebound.<\/p>\n Price targets hit of 'M1, M2, and M3'.<\/p>\n M1 – BTC Market Cap…… 50% OK, Crypto, you can go back up again now….\ud83d\ude2c pic.twitter.com\/JiL5pgYGr0<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) December 20, 2019<\/a><\/p><\/blockquote>\nBitcoin Price to Soon Rebound, Prominent Analyst Says<\/h2>\n
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M2 – Total market Cap…. 61%
M3 – Alt Market Cap…\u2026.. 78%<\/p>\n