The trader who accurately called the crypto market crash of 2021 says that Bitcoin’s price action is suggesting that a sustainable rally back to its all-time highs could be underway.
Pseudonymous analyst Dave the Wave tells his 143,000 followers on the social media platform X that a new push to BTC’s current all-time high is possible as weekly momentum remains strong.
Dave the Wave often uses his own version of logarithmic growth channels (LGC) which aim to forecast market cycle tops and bottoms while filtering out short-term volatility and noise.
He refers to the bottom strip of the LGC as the “buy zone” for longer-term Bitcoin holders, which is where the price is and has been since it appeared to have correctly marked the bottom in late 2022.
“Shorter-term volatility is always the most difficult to predict.
Brace yourselves for this one. Even though daily momentum is down, weekly BTC momentum is still up.
Technically, a push to the highs is possible, and with price still in the LGC buy zone [for longer-term investors].”
According to the analyst, Bitcoin bulls can afford to be “quietly confident” based on the moving average convergence divergence (MACD) indicator, which aims to pinpoint momentum and trend reversals, being in bullish territory.
The trader also says that Bitcoin is potentially on a “sustainable” path to all-time highs. He looks at the monthly chart and notes how last time BTC was at the current levels, it only took a month of parabolic price action to crack the $60,000 mark.
This time around, however, Dave the Wave says BTC is still in a relatively tame uptrend, suggesting that the price is nowhere near an exhaustion point.
“What’s of interest here is that as compared to previously, BTC’s price is only a month of pushing all-time highs… and yet price is not going parabolic like last time.
Meaning all the potential for more sustainable prices at these levels.”
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