A popular crypto analyst known for calling Bitcoin (BTC) a May 2021 collapse says that BTC is still in a “buy zone” despite a rising market.
A pseudonymous trader known as Dave the Wave speaks to his 126,600 Twitter followers that Bitcoin is in an extended sideways range within a buy zone.
“An extended sideways range forming within a buy zone. I would like it to take place.”
Analyst too notes The monthly Bitcoin Moving Average Convergence Divergence (MACD) looks bullish. MACD is a trend-based momentum indicator that shows the relationship between two moving averages of an asset and is used by traders to identify reversals.
“Monthly MACD has done wonders for top prediction [loss of momentum/ blue arrow]. The histogram is now overextended as before… and on a similar time range. Bullish [for optimal buying as opposed to buying the top].”
Dave The Wave claims his Logarithmic Growth Curve (LGC) model is “the last valuable Bitcoin model”. Analyst Says Model Predicts BTC Price Range From 2018
Bitcoin is trading at $18,924 at the time of writing. The top-ranked crypto asset by market capitalization is down 0.3% in the last 24 hours and more than 5% in the last seven days. It is also still down more than 72% from its high of more than $69,000, which it hit last November.
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Roman3dArt/Andy Chipus