Where Bitcoin is going next according to the trader who called plunge to $6,700

In June, when Bitcoin was soaring above $10,000, nearly every trader and their mother expected the cryptocurrency to continue rocketing higher.

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's long-term growth curve.

He went as far as to say that Bitcoin was poised to return to $6,700.

Of course, the analyst was laughed at, calling the prediction "Irrational" and "FUD.".

On Nov. 22 the analyst, "Dave the Wave," was proven right; for on this date, Bitcoin fell from $8,000 to $6,700, validating a call he made over five months earlier, which he stuck by despite the now-infamous 42 percent surge seen late last month.

Here's where Dave expects Bitcoin to head next.

According to a recent Twitter thread from the analyst, Bitcoin is likely to enter a phase of consolidation after tapping and cleanly bouncing off the $6,700 level.

"Looking forward - consolidation within the symmetrical triangle and eventual breakout next year. Building of a solid base/ recovery period for breakout to new highs."

Although Dave strongly believes the bottom of the bear trend was put in at $6,700, other analysts are open to the possibility that the market will drop further from here, despite the bullish confluence mentioned above.

Dow said in a recent tweet that he expects for Bitcoin to "Die a grinding death, punctuated by spoofs and FOMO spasms."