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Famous anonymous cryptocurrency analyst Dave the Wave has stated that a crucial Bitcoin (BTC) metric indicates that the cryptocurrency with the largest market capitalization is officially on the recovery path, thus he expects an uptrend.
Analyst’s Eye on Trend Reversal Indicator MACD
The anonymous cryptocurrency analyst, Dave the Wave, noted that Bitcoin’s monthly Moving Average Convergence Divergence (MACD) indicator is now signaling a long-term rise, stating:
If the MACD indicator on the monthly price chart marked the peak of the market at the end of 2021, a period when most people were still suffering from excessive bullishness, and this was confirmed with subsequent price movements, wouldn’t this add extra weight or validity to the metric indicating a recovery in price towards higher prices (although unconfirmed yet)?
The MACD indicator that led the analyst to expect an upswing in Bitcoin is a momentum indicator that investors use to track potential trend reversals. Dave the Wave underlined that the MACD indicator has proven to be a highly consistent BTC trend indicator in the past.
Dave the Wave, who made headlines by predicting that the biggest cryptocurrency would crash in May 2021 and has since been followed more closely, also added that there is a brief pause in Bitcoin’s weekly MACD following a strong rise.
Bitcoin’s Current Status
At the time of writing, the largest cryptocurrency, Bitcoin, is trading at $30,462. Data shows that the BTC price has increased by 1.26% in the last 24 hours, 0.73% in the last 7 days, and 18.08% in the last 30 days. Moreover, since the first day of the year, the price has increased by over 87%.
The closest support level for Bitcoin currently stands at $30,000, while the closest resistance level is at $31,000.
