A popular cryptocurrency trader shared his thoughts on how the Bitcoin (BTC) price will move in April. The analyst pointed to various network metrics. Here are the details…
Invitation the Wave drew attention to Bitcoin metrics
As we have also reported as Kriptokoin.com, Dave the Wave, who had previously correctly predicted various levels in Bitcoin price, gave his 96,200 Twitter followers to Bitcoin’s metrics. conveyed his new expectations for The analyst says Bitcoin’s monthly and weekly moving average convergence divergence (MACD) measurements are moving downward. According to experts, MACD metrics are trend-setting indicators. The analyst explains his conclusions with the chart as follows:
The long-term monthly chart reappears; The current candle is turning red and the MACD continues bearish. This [April] will be a crucial month – can the price stay green and the histogram/momentum strengthen?
According to the analyst, BTC price is at “horizontal support”
Continuing to convey his comments on Twitter, the analyst said that the price of BTC “was around the momentum” at horizontal support. states. The analyst also updated his chart, which maps his predictions for Bitcoin’s “path to $500,000”. The analyst uses the following expressions on this topic:
This represents the phenomenon of diminished returns in visual form [less height, more time]. When it comes to ‘multi-year cycles’ I think they become redundant in an increasingly liquid/mature market. It’s better to think of descending ‘cycles’ rather than lengthening.
Meanwhile, BTC, before the bears take full control of the market rallied above $47,000 several times until April 5th. A day later, BTC found itself falling below $45,000 and the situation got worse yesterday, April 7. This was the lowest price point since March 24. At the time of writing, Bitcoin is changing hands at $43,780, up 0.6 percent in the last 24 hours. The value of BTC, the largest cryptocurrency with a market cap of $832 billion, has fallen by 3.8 percent over the past seven days.
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