Dave the Wave, a trader who predicted the 2021 market crash, believes Bitcoin’s (BTC) low may have already occurred.
Historical Patterns
Dave the Wave analyzed Bitcoin’s monthly Moving Average Convergence Divergence (MACD) indicator, which has slightly contracted. This usually indicates a temporary slowdown in the bullish trend.
However, the analyst believes this signal doesn’t suggest a significant price drop for BTC. The MACD has not reached the same levels as in previous bull runs.
Chart Analysis
Dave the Wave’s chart shows that the monthly MACD for BTC has not yet approached the diagonal resistance, suggesting the bull market may continue.
On the weekly timeframe, the trader compares the current MACD structure to July 2016, which occurred after the halving and before a major bull run.
Current Price
At the time of writing, Bitcoin is trading at $61,448.
Disclaimer: This information is not financial advice. Do your own research before making any investments.
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