A popular cryptocurrency analyst and trader thinks April will be a crucial month for Bitcoin’s price acceleration.
Anonymous analyst Dave the Wave says Bitcoin’s monthly and weekly MACD measurements are moving downwards. MACD metrics are trend-setting indicators. The analyst says:
“The long-term monthly chart is re-emerging; The current candle is turning red and the MACD continues bearish. This [I think] will be a very important month – can the price stay green and the histogram/momentum strengthen?”
Bitcoin is trading at $43,580 at the time of writing.
The top coin by market cap has dropped more than 5% last week. The analyst states that the price of BTC is at horizontal support. The analyst also updated his chart, which maps his predictions for Bitcoin’s “path to $500,000”.
Dave the Wave said:
“This visually represents the phenomenon of reduced return [less height, more time]. When it comes to ‘multi-year cycles’ I think they become redundant in an increasingly liquid/mature market. Better to think of decreasing ‘cycles’ rather than lengthening them.”
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