Analyst Predicts Bullish Future for Bitcoin as Key Indicator Points to Potential Uptrend

Analyst Dave the Wave, known for accurately predicting the 2021 crypto market meltdown, has now set his sights on Bitcoin (BTC) with a bullish outlook.

According to Dave the Wave, the Moving Average Convergence Divergence (MACD) indicator is showing positive signs for Bitcoin, hinting at a possible continuation of its uptrend.

The MACD is a popular tool used to analyze trends, momentum, and potential buy and sell signals in the market.

“Longer-term monthly BTC MACD turning upward again.”

On his monthly chart analysis, Dave the Wave observed that the MACD histogram, which had initially shown signs of weakening, has started to trend upward again.

In addition, Dave the Wave predicts that Bitcoin could potentially reach $160,000 in the coming months, representing a significant 47% increase from its current value.

“The BTC microcosm of the macro.”

Based on his analysis, Dave the Wave suggests that Bitcoin is currently trading within a range, with a lower bound of $75,000 and an upper bound of $160,000.

Furthermore, he mentions that in the event of a market correction, Bitcoin could retest the $100,000 support level, potentially avoiding a more severe decline.

“If the fractal held, a very weak partial right shoulder would form, not a full one – $100,000, not $90,000.”

As of the latest data, Bitcoin is priced at $108,832, experiencing a slight 1.4% decrease in the past 24 hours.

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