Historically accurate indicator suggests Bitcoin (BTC) is on the brink of demolition, says analyst who announced collapse in May 2021
A closely followed crypto analyst known for heralding the Bitcoin (BTC) collapse in May 2021 says an indicator with a solid track record suggests rallies are near.
The pseudonymous analyst known as Dave the Wave tells his 122,000 Twitter followers that Bitcoin’s moving average convergence divergence (MACD) has just triggered a signal that previously heralded a 300 percent rally in BTC in 2019.
“The last time Bitcoin’s weekly MACD crossed to current levels after an extended correction, it went on a ripper.”
Source: Dave the Wave/Twitter
The MACD is a trend-based momentum indicator that plots the relationship between two moving averages of an asset and is used by traders to locate reversals.
While many traders are concerned about the uncertainties currently lurking in the macro environment outside of crypto, Dave the Wave says BTC may not be affected in the way the market thinks.
It points to a series of higher lows and higher highs in BTC price action.
“BTC is doing its thing… despite the ‘macro’.”
In April of this year, Dave the Wave accurately predicted Bitcoin’s 50% decline from over $40,000 to near $20,000.
The analyst said in April,
“Medium term –
An unpopular chart no doubt, but as a chartist I would be remiss not to post what could be a real possibility… Remember TA is risk management for both parties.”
Recently, Dave the Wave posted an update on his pre-crash analysis.
“Bitcoin chart updated 3 months ago.
I see a lot of charts with bottoms inserted…but not many updated ones.”
At the time of writing, Bitcoin is trading at $23,226.
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