A closely followed cryptocurrency analyst, known for accurately predicting the May 2021 crash, has outlined a realistic price path for Bitcoin (BTC) to track all-time highs. Here are the details…
Analyst shared the next levels for Bitcoin
Dave the Wave, who came to the fore with his accurate predictions of various price movements as Kriptokoin.com, has 105,000 followers on Twitter, 2023. He says he envisions a potential scenario where Bitcoin will be floating around for the next year before breaking the $70,000 level at the end of . He states that Bitcoin is going forward, and seeing such a level would not surprise him.
Dave the Wave, based on his chart, suggests that BTC could reach a cycle top of around $200,000 in May or June of 2024, i.e. approximately two years later. believes. In the near term, the senior crypto analyst says that Bitcoin is currently working to create a bottom. Dave the Wave compares BTC’s current price action to 2018, when Bitcoin broke out of a descending triangle pattern before bouncing off the 200-week moving average. By comparison, BTC may already be in the process of bottoming out and finding support. The analyst uses the following phrases:
It helps to step away from the chart and look at things like weekly Bitcoin price action. Comparison is not everything, but neither is it anything. Something to cross…
What does the MACD indicator point to?
Dave the Wave also tracks the moving average convergence divergence (MACD) on the monthly chart. According to the crypto analyst, the MACD used to detect trend reversals may reach a support area by the end of the month. Additionally, BTC is trading above the key 0.382 Fibonacci level, an area where Bitcoin bottomed out in the 2014 and 2018 bear markets. Bitcoin, which has been mostly sideways trading in the past seven days, is trading at just over $30,000 at the time of writing. The analyst uses the following statements:
*Based on this metric*, on the logarithmic version of the monthly MACD, the Bitcoin low looks pretty good.
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