Analyst who nailed 2021 market collapse reveals new Bitcoin price
Anand Sinha
Fri, December 12, 2025 at 2:00 PM EST
2 min read
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Pseudonymous crypto analyst Dave the Wave, who nailed the 2021 crypto market collapse, has a new Bitcoin (BTC) prediction and all he can foresee is "a worst-case scenario."
A range of factors triggered the crypto market collapse in 2021. China cracked down on Bitcoin mining operations. Even other major countries like the U.S. had a rather ambiguous regulatory approach toward crypto.
As Bitcoin dipped from its record high above $69,000 in November 2021 to $30,000 around mid-2022, several major crypto projects, such as Terraform Labs' UST and LUNA, collapsed.
Related: Bankruptcy court signs off on $1.3B settlement over Terra collapse
Latest, Terraform Labs co-founder Do Kwon has been sentenced to 15 years in prison for fraud.
Beginning in October 2025, the crypto market is going through another tumultuous phase. Bitcoin, which hit a new record high above $126,000 in early October, has been struggling to surpass the $95,000 mark for weeks now.
Other popular cryptocurrencies are similarly struggling on the charts.
A crypto analytics firm DappRadar recently decided to shut down, owing to the "current environment."
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Analyst finds Bitcoin support level at $70,000
On Dec. 8, Dave the Wave shared a Bitcoin price chart in which the cryptocurrency is moving inside a rising channel, indicating a macro bullish trend.
The blue horizontal line reflects a key support level and the analyst locates the next support level at $70,000, already a 20% drop from the current price.
But the green zones reflect stress zones where the asset has tended to pull back previously.
Dave the Wave said though the likely support lies at the $70,000 level, Bitcoin could even dip lower in the stress zone in the "worst case scenario."
At the time of writing, Bitcoin was exchanging hands at $90,464.18, down 12% in a month.
This story was originally published by TheStreet on Dec 12, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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