The crypto analyst who called Bitcoin’s collapse in May 2021 unveils the potential path for BTC to reach the six-figure mark this year.
The pseudonymous analyst known as Dave the Wave tells his 94,000 Twitter followers that Bitcoin is still on track to surpass $100,000 this year – but there’s a catch.
[adinserter block="1"]“One for the bulls. Aligning the micro with the macro. $100,000 within striking distance this year…”
While Dave the Wave’s chart shows a strong rally to roughly $120,000 by late this year, it also forecasts a deep capitulation to around the $25,000 mark before any bullish action can start.
When questioned whether geopolitical factors such as the war in Europe, crunched supply chains, and rising oil prices would weigh down on Bitcoin, the crypto analyst says that these conditions may actually be bullish for BTC, giving it the opportunity to step away from its shadow as a speculative asset.
“You might be right, but BTC in that scenario may also find renewed resurgence as an *alternative currency* [as opposed to just an asset].”
While the crypto analyst says Bitcoin has the potential to be bullish in the coming months, he says BTC currently looks bearish from the high timeframe perspective. Dave the Wave points out that BTC’s moving average convergence divergence (MACD) is still flashing red on the monthly timeframe. The MACD is a trend-following indicator that determines the strength of bullish or bearish momentum.
“Yet another monthly candle printed, and still with no relief on the MACD… in the form of a contracting/ strengthening bar/ histogram.
More certain is the MACD to re-set to, or near, the zero-line than that price will descend at the same angle.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
