A well-known crypto analyst, Dave the Wave, is predicting a potential Bitcoin rally. This analyst correctly predicted the Bitcoin crash in May 2021.
Bullish Signals Emerging
Dave the Wave, who boasts a large following on X (formerly Twitter), points to a key indicator: Bitcoin’s weekly logarithmic moving average convergence divergence (LMACD) histogram. This indicator is showing signs of strengthening for the first time in 18 weeks. He interprets this as a positive shift in momentum, suggesting a possible upward trend reversal. The analyst emphasizes that the overall MACD hasn’t been in “bear territory” (below zero) since February 2023.
Bitcoin vs. Gold: A Potential Shift?
Dave the Wave also analyzed the Bitcoin/gold ratio. His charts suggest this ratio may have peaked, hinting that Bitcoin could soon outperform gold in value.
Back in the “Buy Zone”?
Finally, the analyst references his logarithmic growth curve (LGC) model. According to this model, Bitcoin is currently outside its “buy zone,” a situation last seen when Bitcoin was trading around $40,000. He suggests this could be a favorable entry point for investors.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading around $84,459. It’s important to remember that this information is not financial advice. Always conduct your own research before making any investment decisions.
