Popular cryptocurrency analyst explains the potential path for Bitcoin (BTC) to reach six-digit levels this year.
Anonymous analyst known as Dave the Wave says Bitcoin is on track to hit $100,000 this year, but there is one condition:
“Aligning the micro with the macro. $100,000 is very close this year…”
Dave the Wave’s graphic, It showed a strong rally to around $120,000 late this year, predicting a deep capitulation around $25,000 before any bullish action starts.
When asked whether geopolitical factors such as the war in Europe, shrinking supply chains and rising oil prices will put pressure on Bitcoin, the crypto analyst says that these conditions may actually be bullish for BTC and give it an opportunity to step away from its shadow.
“In this scenario, BTC could resurrect as an alternative currency [as opposed to a mere asset].”
Cryptocurrency analyst says that while Bitcoin has bullish potential in the coming months, BTC is currently in a downtrend. Dave the Wave points out that BTC’s moving average convergence divergence (MACD) is still flashing red on its monthly timeframe. The MACD is a trend following indicator that determines the strength of bullish or bearish momentum. The indicator shows the relationship between two different moving averages of prices.
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