Bitcoin (BTC), the largest cryptocurrency by market value, is closely followed as it drives the market. Analysts share their thoughts on what levels BTC will see. Recently, the next levels of BTC were announced by a famous analyst. Here are the details…
Dave the Wave drew attention to the signal pointing to a 300 percent rally
As Cryptokoin.com reported, Dave the Wave, who knew the critical levels in BTC and the crypto market before, conveyed his latest comments. The analyst told his 122,000 Twitter followers that Bitcoin’s MACD gave a signal that predicted a 300 percent rally in BTC in 2019. We can open the MACD as “convergence/divergence of the moving average”. The analyst used the following statements:
The last time the Bitcoin weekly MACD crossed after a long correction to current levels, it was perfect.
The MACD shows the relationship between two moving averages of an asset. It is used by traders to detect returns. It is a trend-based momentum indicator. Many traders are currently concerned about the uncertainties lurking in the non-crypto macro environment. However, Dave the Wave says that BTC may not be as affected as the market thinks. He even points to a series of lower and higher highs in BTC’s price action. He explains this by saying that BTC is “doing its job despite the macro.”
Correctly predicted the April crash
In April of this year, Dave the Wave predicted a 50 percent drop in Bitcoin. BTC dropped from $40,000 to close to $20,000. The analyst gave his medium-term comments in April as follows:
An unpopular chart of course, but it would embarrass me as a chartist not to publish something that could be a real possibility… Keep in mind that technical analysis is risk management for both parties.
Dave the Wave updated his analysis before the crash. He shared it on Twitter after the update. Pointing to the BTC chart from 3 months ago, he said he “sees a lot of charts showing lows”. However, he stated that he has “not seen many updated graphics”.
What is the latest situation in the market?
Meanwhile, at the time of writing, BTC is trading at $22,900, down 2%. Bitcoin has fluctuated between $23,400 and $22,800 in the past 24 hours. It continued its downtrend in the short term. It is currently trading near $22,900. It has seen a 2% drop in a day and a 7% increase in a week.
Similarly, most major altcoins are moving on the downside. ETH is down almost 7 percent. There was a move below $1,600. Cardano broke the $0.50 support zone. XRP is struggling to stay above the $0.37 level.
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