Crypto analyst, who predicted the Bitcoin meltdown in 2021, says BTC indicators are suddenly showing a bullish trend.
Dave the Wave, a pseudonymous analyst, tells his 149.300 followers via the social media platform X, that Bitcoin’s logarithmic-moving average convergence divergence histogram (LMACD), is beginning to improve, indicating a potential rally.
LMACD’s histogram is used to indicate changes in the strength, trend and momentum of an asset. Shrinking bars in the histogram indicate that momentum for an asset is waning. The histogram of Bitcoin may show a market turnaround in the near future if its red bars are declining.
Dave The Wave says:
Bull markets are climbing a wall of fear. The weekly BTC chart has seen its first strengthening in 18 weeks/4.5 month. Since Feb 2023 the MACD has never been in negative territory. A bull market is ongoing. When people ignore technicals .”, they miss the boat.
The BTC/Gold ratio is the comparison of the Bitcoin price to that of gold. The trader suggests that, according to the chart, the BTC/gold rate may have peaked, which could mean that Bitcoin will soon surpass gold.
Dave the Wave also shares a graph that shows BTC is no longer in the “buy” zone of his Logarithmic Growth Curve (LGC), since its last trade around $40.000.
The LGC is designed to predict Bitcoin market cycles highs and lowers, while filtering short-term fluctuations.
When BTC was at half its current price, that’s when it was last in the LGC “buy zone”. ‘”
Bitcoin has fallen to $84,459, flat for the day.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Bitcoin Indicator flashing bullish for first time in 18 weeks, says analyst who predicted May 2021 Crypto Collapse could be updated as new information becomes available.
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