The cryptocurrency analyst who correctly predicted Bitcoin’s demise in May 2021 reveals a possible path for BTC to reach the six-figure mark this year.
According to Dave the Wave, a pseudonymous analyst, Bitcoin is still on course to hit $100,000 this year – but there is a caveat.
“This is for the bulls. Aligning the micro and macro scales. This year, $100,000 is within striking distance…”
While Dave the Wave’s chart expects a significant rebound to approximately $120,000 by late this year, it also predicts a severe capitulation to around the $25,000 level before any bullish movement can begin.
When asked whether geopolitical reasons such as the European Union’s war, constrained supply chains, and rising oil prices will weigh on Bitcoin, the crypto analyst asserts that these situations may actually be bullish for the cryptocurrency, allowing it to emerge from its speculative shadow.
“You may be correct, but BTC may also experience a renaissance as a *alternative currency* [as opposed to just an asset] in such situation.”
While the crypto researcher believes Bitcoin has the potential to be bullish in the next months, he believes the cryptocurrency is now negative on a long-term basis. Dave the Wave notes that BTC’s monthly moving average convergence divergence (MACD) is still flashing red. The MACD is a trend-following indicator that indicates the bullish or bearish momentum’s strength.
“Yet another monthly candle is written, and the MACD continues to show no signs of relief… in the shape of a contracting/ strengthening bar/ histogram.
It is more likely that the MACD will reset to, or near, zero than that the price will decline at the same angle.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.