The crypto strategist who pinpointed Bitcoin’s May 2021 collapse says BTC is sending out signals that suggest the king of crypto is preparing for a massive move higher.
Pseudonymous analyst Dave the Wave tells his 134,500 Twitter followers that several technical indicators are turning bullish on BTC.
“The real possibility of a major BTC move [manage risk to both sides]:
- Weekly MACD [moving average convergence/divergence] in the same area
- Histogram as expanded
- Price in the lower band/buy zone.”
Source: Dave the Wave/Twitter
Looking at Dave the Wave’s chart, Bitcoin appears to be following the technical setup of Q2 2019, when BTC surged from around $4,000 to $14,000 in a matter of months. According to the analyst, the MACD, which is a trend reversal indicator, is currently hovering in the same zone as before BTC’s 2019 surge. The histogram, which measures the convergence or divergence of the moving averages, is also on the rise, similar to Bitcoin’s Q2 2019- Set up.
The crypto strategist says Bitcoin can explode by 676% by 2024 based on his logarithmic growth curve (LGC) model.
“A technical target for BTC of $180,000 by the end of next year…”
Source: Dave the Wave/Twitter
The LGC is the analyst’s attempt to predict Bitcoin’s boom-and-bust cycles amid shifting macroeconomic conditions.
According to Dave the Wave, the LGC model is designed for this long term Bitcoin Investor.
“BTC charts are for investors – buying in a few tranches over a reasonable period of time…. priced in the ‘buy zone’… could prove to be a good investment going forward.”
At the time of writing, Bitcoin is changing hands at $23,171, a fraction of the daily rise.
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