The crypto strategist who nailed Bitcoin’s May 2021 collapse says BTC is flashing signals that suggest the king crypto is setting up for a massive move to the upside.
Pseudonymous analyst Dave the Wave tells his 134,500 Twitter followers that multiple technical indicators are turning bullish for BTC.
“The real possibility of a large BTC move [manage risk to both sides]:
- Weekly MACD [moving average convergence/divergence] in same area
- Histogram as extended
- Price in the lower band/ buy zone.”
Looking at Dave the Wave’s chart, Bitcoin appears to be following its Q2 2019 technical setup, when BTC rallied from around $4,000 to $14,000 in a few months. According to the analyst, the MACD, which is a trend reversal indicator, is currently hovering at the same zone as it did prior to the 2019 BTC surge. The histogram, which measures the convergence or divergence of the moving averages, is also on the up and up, similar to Bitcoin’s Q2 2019 setup.
The crypto strategist says that Bitcoin can explode 676% by 2024 based on his logarithmic growth curve (LGC) model.
“A technical target for BTC of $180,000 late next year…”
The LGC is the analyst’s attempt to predict Bitcoin’s boom-and-bust cycles amid changing macroeconomic conditions.
According to Dave the Wave, the LGC model is designed for long-term Bitcoin investors.
“BTC charts are for investors – buying in a few tranches over a reasonable period of time…. with price in the ‘buy zone’… may prove to be a good investment going forward.”
At time of writing, Bitcoin is changing hands for $23,171, a fractional increase on the day.
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