The trader who accurately called the 2021 crypto market crash says Bitcoin’s price action suggests a sustained rally back to its all-time highs could be underway.
Pseudonymous analyst Dave the Wave tells his 143,000 followers on social media platform
Dave the Wave often uses his own version of logarithmic growth channels (LGC), which aim to predict the tops and bottoms of the market cycle while filtering out short-term volatility and noise.
He refers to the lower band of the LGC as the “buy zone” for longer-term Bitcoin holders, where the price is and has been since it appeared to have correctly marked the bottom in late 2022.
“Short-term volatility is always the most difficult to predict.
Brace yourself for this one. Even though the daily momentum has fallen, the weekly BTC momentum is still rising.
Technically, a push to the highs is possible, and with the price still in the LGC buy zone [for longer-term investors].”
According to the analyst, Bitcoin bulls can afford to “quietly confidentbased on the moving average convergence-divergence indicator (MACD), which aims to pinpoint momentum and trend reversals, which are in bullish territory.
The trader also says Bitcoin is potentially on a “sustainable” path to record highs. He looks at the monthly chart and notes that the last time BTC was at its current level, it only took a month of parabolic price action to break the $60,000 mark.
This time, however, Dave the Wave says that BTC is still in a relatively tame uptrend, indicating that the price is nowhere near an exhaustion point.
“What’s important here is that compared to before, the price of BTC has only reached all-time highs for a month… and yet the price isn’t going parabolic like it did last time.
This already means the potential for more sustainable prices at these levels.”
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