Bitcoin Expected To See Long Term Rally

Another optimistic prediciton about the price of Bitcoin hits the markets. At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $34,372.

A crypto trader, who had accurately predicted the May 2021 crash of Bitcoin (BTC), has now expressed optimism about the cryptocurrency’s potential to start a fresh uptrend.

Dave the Wave, an anonymous analyst, has informed his 140,700 followers on the social media platform X that the weekly moving average convergence divergence (MACD) indicator of Bitcoin has turned bullish at the zero level.

This development indicates that BTC may now be gaining momentum. The MACD is a momentum indicator that can signal a reversal of an asset’s trend.

Dave the Wave said the following:

“Weekly BTC MACD re-crossing from a promising position low on the zero-line.

A less volatile price action as compared to last time.”

According to Dave the Wave, Bitcoin is expected to rise above the 200-month moving average (MWA) and exceed the “buy zone” of his logarithmic growth curve (LGC) model.

The LGC model is used to map the highs and lows of Bitcoin’s long-term market cycles while eliminating short-term volatility and noise.

The trader also predicted the fact that the 200 MWA will remain within the BTC LGC buy zone, even though the price may not.

It is important to note the fact that he keeps an eye on the price of the decentralized oracle Chainlink (LINK), as Dave the Wave notes that LINK looks bullish after breaking multiple diagonal resistances and breaking out of its accumulation zone.

The trader emphasized that the name of the game is opportunity, which comes with volatility, and that it is more important to focus on how to take real profit in the real world instead of obsessing over abstract truths.