A crypto analyst known for his accurate Bitcoin predictions maps the path ahead of the leading cryptocurrency. We have compiled Dave the Wave’s current analysis for Cryptokoin.com readers.
Bitcoin may reach 6-digit prices, but ahead of it, a crypto analyst who correctly predicted the $25,000
May 2021 Bitcoin crash is revealing how BTC could reach its six-digit milestone this year. You can check out Dave the Wave’s accurate BTC price predictions here. In his recent analysis, Dave claims that Bitcoin is on track to hit $100,000 this year…
Dave the Wave’s chart expects a significant spike to around $120,000 by the end of the year. He predicts a deep collapse to around $25,000 before any bullish action begins. When asked whether geopolitical reasons such as the war near Europe, restricted supply chains and rising oil prices will put pressure on Bitcoin, the crypto expert claims that these events could indeed be positive for BTC and allow it to emerge from its shadow as a speculative asset. Here’s what Dave the Wave has to say on the subject:
You might be right, but BTC could see a new rebirth as an alternative currency [rather than just an asset] in such a case.
Interpretation of the MACD indicator
The crypto analyst believes that Bitcoin will be bullish in the coming months, while BTC is now negative in terms of a high time frame. According to Dave the Wave, BTC’s moving average convergence divergence (MACD) on the monthly timescale is still flashing red. The MACD is a trend-following indicator that assesses whether the bullish or bearish momentum is stronger. The analyst looks at the technical chart below and comments:
Another monthly candle in the form of a contraction/strengthening bar/histogram has been formed on the MACD without any pauses. It is more likely for the MACD to re-adjust to or close to the zero line than if the price is falling at the same angle.
Bitcoin (BTC) is trading at $38,893.54 at the time of writing. It exhibited fixed price movements by 0.73% compared to the last 24 hours, compared to the last week.
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