The crypto strategist who nailed Bitcoin’s May 2021 collapse says BTC is flashing indicators that counsel the king crypto is establishing for an enormous transfer to the upside.
Pseudonymous analyst Dave the Wave tells his 134,500 Twitter followers that a number of technical indicators are turning bullish for BTC.
“The actual risk of a big BTC transfer [manage risk to both sides]:
- Weekly MACD [moving average convergence/divergence] in identical space
- Histogram as prolonged
- Price within the decrease band/ purchase zone.”
Looking at Dave the Wave’s chart, Bitcoin seems to be following its Q2 2019 technical setup, when BTC rallied from round $4,000 to $14,000 in a couple of months. According to the analyst, the MACD, which is a development reversal indicator, is at present hovering on the identical zone because it did prior to the 2019 BTC surge. The histogram, which measures the convergence or divergence of the transferring averages, can also be on the up and up, comparable to Bitcoin’s Q2 2019 setup.
The crypto strategist says that Bitcoin can explode 676% by 2024 primarily based on his logarithmic progress curve (LGC) mannequin.
“A technical goal for BTC of $180,000 late subsequent yr…”
The LGC is the analyst’s try to predict Bitcoin’s boom-and-bust cycles amid altering macroeconomic circumstances.
According to Dave the Wave, the LGC mannequin is designed for long-term Bitcoin buyers.
“BTC charts are for buyers – shopping for in a couple of tranches over an inexpensive time frame…. with worth within the ‘purchase zone’… could show to be an excellent funding going ahead.”
At time of writing, Bitcoin is altering arms for $23,171, a fractional improve on the day.
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