A cryptocurrency analyst who predicted the May 2021 Bitcoin crash says that now Bitcoin (BTC) is giving strong bottom signals. At the same time, the leader predicts a short-term rally for crypto.
According to the analyst, Bitcoin (BTC) has given a bottom signal
An analyst nicknamed Dave the Wave accurately predicted the May 2021 Bitcoin (BTC) crash. He also predicted the leading crypto’s $69,000 double top pattern. We recommend you to refer to this article of Kriptokoin.com for the accurate predictions of Dave the Wave.
The cryptocurrency market had a relief rally led by Bitcoin last week. However, with the sale of risk assets before the Fed’s interest rate decision, BTC shifted into reverse gear. However, the analyst now thinks that the BTC chart looks optimistic. Dave the Wave tells his 121,500 Twitter followers that Bitcoin’s weekly moving average convergence divergence (MACD) indicator is signaling a strong bottom. In this context, the analyst uses the following statements:
The worm opened the weekly MACD. Just coincidence or technical analysis?
Source: invitationhewave / TwitterAnalyst is optimistic about Bitcoin’s price chart
As you know, tarders use MACD to detect possible trend reversals. Looking at the analyst’s chart, Bitcoin’s weekly MACD appears to be rising at a level that marks the bottom of the 2015 and 2018 bear markets. Alongside an improving MACD, Dave the Wave notes that he is optimistic about Bitcoin’s price chart as BTC is currently hovering in a long-term support area. The analyst says:
Why should we put some trust in this Bitcoin chart? Realism and continuity rather than constantly projecting a hyper-bullish look to the chart. Looks fine.
Source: invitationhewave / Twitter“The long-term second line of resistance is more important”
Crypto analyst looks at the daily chart of the leading crypto. According to the analyst’s assessment, BTC is facing a double cross resistance. Dave the Wave explains:
I am currently facing short term resistance with not much resistance. I think more important is the long-term second line of resistance.
Source: invitationhewave / TwitterThe leading crypto Bitcoin (BTC) is trading at $20.926 at press time, according to data from CoinMarketCap. Also, BTC has lost more than 5% in the last 24 hours. As you may recall, Bitcoin reached an all-time high of $69,000 in November 2021. However, it saw sharp declines in 2022. In fact, it fell as low as $18,000 in the last crypto crash. Currently, the leading crypto stands around 70% off its all-time high.
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