Cryptocurrency analyst Dave the Wave, known for his early warnings about the May 2021 crash in Bitcoin (BTC) price, has made an intriguing analysis for the largest cryptocurrency. The analyst stated that BTC could be on the verge of a strong upward explosion in price.
Outline of the Possible 424% Scenario in Bitcoin
Anonymous cryptocurrency analyst Dave the Wave stated on his personal X (formerly Twitter) account that Bitcoin could potentially rise to around $50,000 before undergoing a deep correction below the support level just below $35,000. The analyst predicts that after the deep correction, Bitcoin could rise up to $180,000, representing a potential increase of approximately 424% from current levels.
Dave the Wave shared a price chart with the caption “This is the possible BTC scenario” claiming that the six-digit price target for Bitcoin will be reached by April 2025.
Furthermore, the analyst predicts that Bitcoin will experience a mini-parabolic increase before the block reward halving in April 2024, just like it did before the halving in 2020. The price chart shared by Dave the Wave suggests that the mini-parabolic rally could push Bitcoin slightly above its all-time high of around $69,000.
Critical Change in Bitcoin’s MACD Indicator
Dave the Wave also added that the Moving Average Convergence Divergence (MACD) indicator showed a shift to a long-term bullish trend in Bitcoin. The MACD indicator is a popular momentum indicator used to determine the strength and direction of a trend. The analyst commented on the MACD, stating “BTC’s monthly MACD is crossing the zero line and entering the bullish zone.”
At the time of writing, the largest cryptocurrency is trading just below $35,000, at $34,769, with a 0.78% increase in the past 24 hours. Data shows that BTC has increased by 2.11% in the past 7 days and 25.99% in the past 30 days.
