Bitcoin Sets Itself Across Zero Line Now, Says Analyst

Crypto News
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Bitcoin Sets Itself Across Zero Line Now, Says Analyst

Bitcoin : Dave the Wave, the analyst who accurately predicted Bitcoin’s collapse in 2021, is back with a new market forecast. The prominent crypto trader shared some charts on a Twitter thread this Monday. Dave claims that the world’s major cryptocurrency is about to turn bullish, judging by past cycles.

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The pseudonymous crypto analyst took to Twitter to share MACD charts proving his predictions with over 100,000 followers. According to the Tweet Bitcoin has bottomed out and is ready to start its journey upwards again. Dave bases his predictions on the trends of recent years shown in the chart (2012, 2015 and 2019).

Related reading: Bitcoin hash rate skyrockets during a 55% increase in 2 months

BTC is about to make an upward move according to the MACD chart

MACD is a market movement tracker that shows how two in-motion averages relate to each other. It works on the basis of trends and allows traders to calculate the points where the market momentum is likely to reverse.

Based on Dave’s wave, Bitcoin’s MACD has lurched below the zero line and is oversold in a similar move to 2019. Therefore, “there’s a good chance we’ll also see the first contracting histogram on the monthly Bitcoin chart.” Judging by past trends, the king of crypto is about to go on a bull run.

BTCUSD
Bitcoin  The price of Bitcoin is currently trading around $20,000. | Source: BTCUSD price chart of TradingView.com

Another crypto analyst disagrees with Dave

Interestingly, not everyone shares Dave the Wave’s bullish sentiments regarding Bitcoin. otherPopular crypto analyst Bluntz shared his own chart, describing it as ugly. He confirms that he does not want to buy Bitcoin anytime soon unless it drops below $17,000.

Bluntz, the savvy contractor on Twitter, is the analyst who successfully predicted Bitcoin’s bearish low in 2018. If its chart has anything to offer, BTC has a few more lows to go through before any relief comes. This is according to a wire the crypto analyst shared on Twitter in mid-August.

Current Bitcoin Price Movements

At the time of writing, Bitcoin is trading below $21,000, down about 8% in the past 24 hours. Although the BTC price has again lost its gain of more than $22K, it has gained a 10% upward swing from last week’s $19,000 position of the major cryptocurrency. However, these moves are still a long way from Bitcoin’s all-time high of 61,000, a 65% difference.

Related reading: FTX (FTT) Token Flashes Before a Rally, $35 Recovered

Dave the Wave believes now is the time to buy and not sell BTC, while the savvy contractor wants to wait. Each of them has a record in making a correct prediction regarding the crypto market. It remains to be seen who is right this time around as their predictions seem to collide.

Featured image from Pixabay and chart from TradingView.com

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