Analyst Who Nailed 2021 Bitcoin Top Predicts New Leg Up for Bitcoin – But There’s a Catch

0 1 minute read

Analyst Predicts Bitcoin to Surge Despite Struggling at $110,000 Level

An analyst known for making accurate Bitcoin predictions has suggested that BTC is on the verge of a significant upward movement, even as it faces challenges in surpassing the $110,000 mark.

Popularly known as Dave the Wave, the pseudonymous analyst shared his insights with his 153,800 followers on X, emphasizing his focus on Bitcoin’s moving average convergence divergence (MACD) indicator on the weekly chart.

The MACD is a technical tool that tracks the convergence and divergence of moving averages to assess an asset’s momentum and trend direction, as well as identify potential reversal points in the market.

Based on Dave the Wave’s analysis, the weekly MACD for BTC indicates a bullish trend, suggesting that Bitcoin is poised to reach a diagonal resistance level that has historically signaled market tops since 2012.

“Based on the weekly BTC MACD extension, we can anticipate another upward push.”

Reviewing the analyst’s chart, it appears that the MACD is projected to rise towards the diagonal resistance by the year-end, coinciding with a BTC surge to $160,000.

On a broader scale, Dave the Wave also indicated that the monthly timeframe aligns with his optimistic long-term outlook for Bitcoin.

“The longer-term monthly BTC MACD is once again turning upwards…”

However, in the short term, the analyst anticipates a potential decline in Bitcoin’s price to around $98,000, where a temporary bottom may form before initiating new upward movements.

“Would it be detrimental for BTC to consolidate just under $100,000 before resuming its uptrend? Only the most cautious investors would think so…”