A popular crypto analyst who called the May 2021 Bitcoin (BTC) collapse thinks several metrics are now looking bullish for BTC.
Pseudonymous analyst Dave the Wave tells his 126,900 Twitter followers that Bitcoin’s dominance level indicates it is due for a price pump.
BTC is trading at $19,004 at time of writing. The top-ranked crypto asset by market cap is down nearly 1% in the past 24 hours and remains more than 72% down from its all-time high of more than $69,000, which it hit last November.
Dave the Wave also notes that his logarithmic growth curve (LGC) model indicates “a nominal decrease in the corrections can be expected” for Bitcoin, which he says is bullish.
Argues the analyst,
“You couldn’t have asked for better lines to have been drawn in 2018 that would have accommodated subsequent price action as well as these lines.”
Dave the Wave also says Bitcoin has spent nearly as much time in the LGC model’s “buy zone” as a previous time its price was in the zone before taking off.
Additionally, Dave the Wave argues that it’s “no surprise” Bitcoin’s price corrects when uncertainty dominates the market.
“Yet, once corrected, the price becomes more sustainable. This pattern of alternating explosive and corrective movements in the price [also seen as cycles] has led to the formation of a converging channel atop of the LGC.”
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