Bitcoin Sets Itself Across Zero Line, Analyst
Dave the Wave, the analyst who accurately foretold the collapse of Bitcoin in 2021, is back with another market forecast. The prominent crypto trader shared some charts on a Twitter Thread this Monday. Dave claims that t...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Dave the Wave, the analyst who accurately foretold the collapse of Bitcoin in 2021, is back with another market forecast. The prominent crypto trader shared some charts on a Twitter Thread this Monday. Dave claims that the world’s foremost cryptocurrency is about to flip bullish, judging from previous cycles.
The pseudonymous crypto analyst took to Twitter to share MACD charts that prove his predictions with over 100,000 followers. According to the Tweet, Bitcoin has hit its bottom and is ready to start its journey upward once again. Dave is basing his predictions on the past years’ trends depicted on the chart (2012, 2015, and 2019).
Related Reading: Bitcoin Hash Rate Skyrockets Amid 55% Hike In 2 Months
BTC is About To Swing Into An Upward Movement According to MACD ChartMACD is a market movement tracker that shows how two in-motion averages relate to one another. It operates based on trends and allows traders to calculate the points at which market momentum is likely to reverse.
Based on Dave’s wave, Bitcoin’s MACD has swung below the zero line and is over-sold in a similar movement to 2019. Hence “there is a good chance that we will also see the first contracting Histogram on the Bitcoin monthly chart.” Judging by previous trends, the king of crypto is about to go on a bull run.
Bitcoin’s price is currently trading around $20,000. | Source: BTCUSD price chart from TradingView.com Another Crypto Analyst Disagrees With DaveInterestingly, not everyone shares Dave the Wave’s bullish sentiments as regards Bitcoin. Another popular crypto analyst, Bluntz, shared his own chart describing it as ugly. He affirms that he does not desire to purchase Bitcoin anytime soon unless it drops below $17000.
Bluntz, the smart contractor on Twitter, is the analyst who successfully forecasted Bitcoin’s bearish low in 2018. If his chart is anything to go by, BTC still has a few more lows to weather before any relief arrives. This is according to a thread the crypto analyst shared on Twitter in mid-August.
Bitcoin’s Current Price MovementsAt the time of writing, Bitcoin is trading below $21,000, down about over 8% within the last 24 hours. Although BTC price has again lost its gains of above $22K, it has gained a 10% upward swing from the foremost cryptocurrency’s $19,000 position of the previous week. However, these movements are still far from Bitcoin’s all-time high of 61,000, a 65% difference.
Related Reading: FTX (FTT) Token Flashes Buy Ahead Of A Rally, Will $35 Be Reclaimed
Dave the Wave believes now is the time to buy, not sell BTC, while the Smart Contractor wants to wait. Each of them has a record of making a correct prediction concerning the crypto market. It remains to be seen who is right this time as their predictions seem to clash.
Featured image from Pixabay and chart from TradingView.comWhy this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Ethereum (ETH) Price Prediction: Whale Rotates $155M Into ETH as Longs Surge Near $2,500
Ethereum is trying to stabilize after another volatile stretch, with price returning toward the mid-$2,400 region while several po...
Reflect Lets Anyone Launch a Solana Stablecoin in Under a Minute With Shared Yield
Key Takeaways: Reflect has released the Create tool, which enables the user to mint stablecoins with a brand on Solana in one go....
Arthur Hayes exits crypto trading positions as analysts track $26 million in sales
Arthur Hayes has exited Maelstrom's directional crypto positions, and on-chain analysts are tracking about $26 million in token sa...
Sygnum Launches Bitcoin Loans With Collateral Keys Shared Across Parties
TL;DR: Sygnum and Debifi have launched MultiSYG, a Bitcoin-backed lending service using segregated multisignature wallets. The arr...
Frax CEO says businesses will drive next wave of stablecoin adoption as firm tests lending product
Frax CEO Sam Kazemian outlines plans for receivables financing, business payments and stablecoin lending through FraxNet. The post...
Bitcoin Price Won’t Break $100K By End of 2026, Analysts Say—Here’s Why
Analysts from top crypto firms believe that other investment options, further interest rate tightening, and the still-developing s...