Chart With Historical Precedence Signaling Bitcoin Rallies, According to Top Crypto Analyst
A popular crypto analyst says one key Bitcoin (BTC) metric suggests the top crypto asset by market cap is officially on the road to recovery.
Pseudonymous analyst Dave the Wave tells his 139,200 Twitter followers that Bitcoin’s monthly moving average convergence divergence (MACD) indicator now looks long-term bullish.
“If the monthly MACD indicator suggested the top of the market at the end of 2021, which was then confirmed with subsequent price action, at a time when most were still in the throes of uber-bullishness, then doesn’t this then add extra weight or veracity to the metric now suggesting (if not confirming) a recovery in price on its path back toward higher prices?”
The MACD is a momentum indicator that traders use to watch possible trend reversals. Dave the Wave says the MACD indicator has been an accurate BTC indicator in the past.
Dave the Wave, who is known for calling Bitcoin’s May 2021 price collapse, also notes that there’s been a “brief hiatus in the weekly BTC MACD after a solid move up.”
Bitcoin is trading at $31,017 at time of writing. The top crypto asset is up 1.3% in the past 24 hours, around 0.7% in the past week, nearly 14% in the past month, and roughly 87% since the start of 2023.
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