A trader who accurately called Bitcoin’s (BTC) crash in May 2021 believes the crypto king is now in a position to unleash a new uptrend.
Pseudonymous analyst Dave the Wave tells his 140,700 followers on social media platform
The MACD is a momentum indicator that can signal the reversal of an asset’s trend.
Says Dave de Golf,
“Weekly BTC MACD crosses again from a promising position low on the zero line.
A less volatile price action compared to last time.”
Dave the Wave also says that Bitcoin is likely to rise above the 200-month moving average (MWA) and rise above the ‘buy zone’ of his logarithmic growth curve (LGC) model.
The LGC aims to chart the highs and lows of Bitcoin’s long-term market cycles, while filtering out short-term volatility and noise.
Says the merchant,
“Forecast for the future: the 200 MWA will remain in the BTC LGC buying zone [though of course price will not].”
At the time of writing, BTC is worth $34,600.
The trader also keeps an eye on the price action of the decentralized oracle Chainlink (LINK). Dave the Wave notes that LINK is looking bullish after breaking through multiple diagonal resistances and breaking out of its accumulation zone.
“Remember folks: the name of the game is opportunity, and with that comes volatility.
You can become obsessed with an abstract truth ad nauseam, or think about how to actually make a profit in the real world.”
The trader too say that it is within the realm of possibility for LINK to regain its all-time high of $52.70.
At the time of writing, LINK is worth $10.43.
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Generated image: DALLE-3
