Bitcoin Bulls Roar Back as Analyst Dave the Wave Foresees New Highs
In a recent crypto analysis making waves, an analyst known as Dave the Wave, who had accurately predicted Bitcoin's May 2021 crash, now foresees a promising turn of events for the leading cryptocurrency.
Sharing his findings on the social media platform X, Dave highlighted the Bitcoin weekly Moving Average Convergence Divergence (MACD) indicator’s bullish shift at the zero level, suggesting a potential momentum surge. This indicator is crucial in signaling trend reversals.
Weekly #btc MACD re-crossing from a promising position low on the zero-line.
A less volatile price action as compared to last time. pic.twitter.com/UCV7HGTK5J
— dave the wave🌊🌓 (@davthewave) October 23, 2023
Dave believes this time, there’s less price volatility compared to previous cycles. He also predicts that Bitcoin is poised to exceed the 200-month Moving Average (MWA) and venture into the “buy zone” within his Logarithmic Growth Curve (LGC) model, designed to filter out short-term noise.
Prediction going forward: 200 MWA will remain in the #BTC LGC buy zone [though of course price will not]. pic.twitter.com/MCzstxz1pQ
— dave the wave🌊🌓 (@davthewave) October 20, 2023
As of the latest data, Bitcoin is valued at $34,600. Additionally, Dave is keeping a close eye on Chainlink (LINK), a decentralized oracle, which he thinks is in a strong position after breaching diagonal resistance levels and breaking free from its consolidation phase.
READ MORE: BlackRock’s Larry Fink Foresees Bitcoin’s Promising Path
Dave wraps up by emphasizing that success in the cryptocurrency market lies in recognizing opportunities amid the inherent volatility rather than dwelling on abstract concepts.
He also raises the intriguing possibility of Chainlink revisiting its previous all-time high of $52.70, adding an extra layer of excitement to the crypto landscape.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
