The analyst who predicted the May 2021 bitcoin crash has outlined a possible path for the crypto king to hit six figures this year.
Bitcoin is still on track to surpass $100,000 this year, according to Dave the Wave, but one condition is required.
“One for the cops. Align micro with macro. $100,000 in a notable gap this year…”
Source: Dave the wave
While Dave the Wave’s chart shows a strong price rally to around $120,000 later this year, it also forecasts a deep capitulation to around $25,000 before an upward move can be initiated.
When asked whether geopolitical factors like wars in Europe, tightening supply chains and rising oil prices will affect Bitcoin, the analyst said. to speak that these conditions could actually push the price of BTC higher, presenting an opportunity to escape the shadow of the speculative asset.
“You may be right, but BTC could also find new impetus as an alternative currency in this case, and not just as an asset.”
While the analyst claims that Bitcoin has upside potential in the coming months, he said that BTC is currently declining from a high timeframe. Dave the Wave points out that BTC’s moving average convergence divergence (MACD) is still flashing red on the monthly timeframe. MACD is a trend indicator that determines the strength of bullish or bearish momentum.
“However, the new monthly candle is still not easing tension on the MACD… in the form of a shortening/strengthening histogram/bar.
It is safer that the MACD will reset at or near the zero line than that the price will fall by the same angle.”
Source: Dave the wave
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Minh Anh
According to DailyHodl
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