An analyst called the 2021 Crypto Market Meltdown says that key metrics are currently bullish for Bitcoin (BTC).
The pseudonym trader known as Dave the Wave has told 153,800 followers of social media platform X that the moving average convergence branch (MACD) indicator suggests that Bitcoin’s uptrend could continue.
MACDs are used to determine trend direction, momentum, and duration, and identify potential buy and sell signals.
“The long-term monthly BTC MACD will rise again.”
Source: Dave the Wave/x
Looking at his monthly charts, the MACD histogram was beginning to weaken after a surge, but it started to rise again.
Dave the Wave also said BTC could surge to $160,000 in just a few months, potentially increasing by more than 47% from its current value.
“A microscopic BTC of a macro.”
Source: Dave the Wave/x
Looking at his chart, analysts suggest that Bitcoin is trading in the middle of the range at $75,000 and a cap of $160,000.
Finally, he says that if Bitcoin remains in a bullish trend, a market correction will allow flagship Crypto Asset to retest with $100,000 as support, stopping the range of more serious declines.
“If the fractals hold it, they form a very weak partial right shoulder. Not perfect, not $100,000, not $90,000.”
Bitcoin is trading at $108,832 at the time of writing, down 1.4% over the past 24 hours.
Generated Image: Midjourney
