Dave the Wave is back again with a market prediction. He was the expert who correctly predicted the crash of Bitcoin in 2021. This Monday, the prominent cryptocurrency trader posted charts to a Twitter thread. Dave claims that the world’s foremost cryptocurrency is about to flip bullish, judging from previous cycles.
Twitter was used by the pseudonymous crypto-analyst to post MACD charts to prove his prediction to over 100,000 of his followers. According to TweetBitcoin is now at its lowest point and ready to begin its upward journey. Dave is basing his predictions on the past years’ trends depicted on the chart (2012, 2015, and 2019).
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According to the MACD Chart, BTC Is About To Turn Into an Upward Movement
MACD (market movement tracker) shows how in-motions compare to each other. This tracker is based on trend and allows traders calculate when market momentum will reverse.Source: BTCUSD chart at TradingView.com
Based on Dave’s wave, Bitcoin’s MACD has swung below the zero line and is over-sold in a similar movement to 2019. Hence “there is a good chance that we will also see the first contracting Histogram on the Bitcoin monthly chart.” Judging by previous trends, the king of crypto is about to go on a bull run.
Dave is not the only Crypto Analyst who disagrees
Interestingly, not everyone shares Dave the Wave’s bullish sentiments as regards Bitcoin. AnothBluntz is a well-known crypto analyst and shared his chart, describing the graph as “ugly”. Bluntz stated that he doesn’t want to buy Bitcoin any time soon, unless the price drops below $17000.
Bluntz, the smart contractor on Twitter, is the analyst who successfully forecasted Bitcoin’s bearish low in 2018. His chart shows that Bitcoin still faces a number of lows before it can weather any further relief. According to a thread In mid-August, the crypto analyst tweeted his findings.
Bitcoin’s Current Price Movements
Bitcoin trades below $21,000 at the time this article was written. This is a drop of over 8% in the space of 24 hours. Although BTC price has again lost its gains of above $22K, it has gained a 10% upward swing from the foremost cryptocurrency’s $19,000 position of the previous week. However, these movements are still far from Bitcoin’s all-time high of 61,000, a 65% difference.
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Dave the Wave thinks now is the right time to purchase, and not to sell BTC. The Smart Contractor believes it’s too late. Both have a track record of correctly predicting the crypto market. As their predictions clash, it is unclear who will be right.
Featured image by Pixabay, chart from TradingView.com