The trader, which predicted the bear market in 2021, is now predicting a strong recovery of the BTC course
A cryptoanalyst, which is known for its exact forecasts for the onset of market in 2021, now believes that Bitcoin could prepare for another important rally.
The trader known under the pseudonym “Dave the Wave” has pointed out an important technical signal that indicates that the long -term upward trend from Bitcoin is still intact.
In a recently published Contribution Dave emphasized the monthly Moving Average Convergence Divergence (MACD)-a trend-following momentum indicator-that now tends upwards after a short break. He interprets this as a potential sign that Bitcoin could continue to rise in the coming months.
According to his chart analysis, Bitcoin seems to move within a price channel that extends from $ 75,000 at the low end to $ 160,000 at the high end. The analyst believes that an outbreak in the direction of the upper area could be imminent and estimates that Bitcoin could reach $ 160,000 in the near future – an increase of over 47% compared to the current level.
However, he also warns that, even in an upward trend, temporary corrections are very natural. If there is a decline, he sees $ 100,000 as a likely level of support – more of a healthy correction than a sign of weakness.
In summary, it can be said that Dave The Wave is carefully optimistic, whereby the momentum indicators confirm his view that Bitcoin is still in an early phase of a potential long-term rally.
