Bitcoin analyst Dave the Wave, who previously warned his followers to be cautious by predicting the collapse of Bitcoin (BTC) in May 2021, claimed that the leading cryptocurrency is in a position to trigger a new uptrend. Furthermore, he expressed his expectation that Chainlink will experience a significant increase, stating that it is possible for the popular altcoin to revisit its all-time high (ATH) level.
Anonymous cryptocurrency analyst Dave the Wave stated that Bitcoin’s Moving Average Convergence Divergence (MACD) indicator on the weekly time frame has risen from the zero level, indicating that the upward movement in BTC may be gaining momentum. The MACD indicator is a momentum indicator commonly used by investors as it can signal a reversal in the trend of an asset.
Dave the Wave commented on Bitcoin, saying, “BTC’s MACD on the weekly time frame has risen from a promising point below the zero line. This rise triggered a less volatile price movement compared to the previous one.”
The analyst also highlighted that Bitcoin will likely surpass its 200-month Moving Average (MWA) and that the Logarithmic Growth Curve (LGC) model indicates an upward movement above the buying zone. The LGC aims to filter short-term volatility and fluctuations while providing peak and bottom levels for Bitcoin’s long-term market cycles.
Furthermore, Dave the Wave closely monitors the price movement of the decentralized oracle network Chainlink. The analyst stated that LINK has started to rise after surpassing multiple descending resistance trendlines and exiting the consolidation zone, saying:
Remember, friends, the name of the game is opportunity, and opportunities come with volatility. You can dwell on an abstract reality or think about how to achieve real profit in the real world.
The analyst added that it is possible for Chainlink’s LINK to revisit its previous ATH level of $52.70. Current prices indicate that such a move would result in an increase of around 427% for LINK.