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).
MACD 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.
Interestingly, 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.