Top Trader Says Bitcoin Now in Promising Position for Long-Term Rally, Updates Outlook on Ethereum-Based Altcoin – Crypto News

A trader who accurately called Bitcoin’s (BTC) May 2021 crash believes that the crypto king is now in a position to ignite a fresh uptrend.

Pseudonymous analyst Dave the Wave tells his 140,700 followers on the social media platform X that Bitcoin’s weekly moving average convergence divergence (MACD) indicator just flipped bullish at the zero level, indicating that BTC may be gathering steam.

The MACD is a momentum indicator that can signal the reversal of an asset’s trend.

Says Dave the Wave,

“Weekly BTC MACD re-crossing from a promising position low on the zero-line.

A less volatile price action as compared to last time.” 

Dave the Wave also says that Bitcoin will likely move above the 200-month moving average (MWA) and rally above the “buy zone” of his logarithmic growth curve (LGC) model.

The LGC aims to plot the highs and lows of Bitcoin’s long-term market cycles while filtering out short-term volatility and noise.

Says the trader,

“Prediction going forward: the 200 MWA will remain in the BTC LGC buy zone [though of course price will not].” 

At time of writing, BTC is worth $34,600.

The trader is also keeping an eye on the price action of the decentralized oracle Chainlink (LINK). Dave the Wave notes that LINK looks bullish after breaching multiple diagonal resistances and breaking out of its accumulation zone.

“Remember folks, the name of the game is opportunity, which comes with volatility.

You can obsess all you like ad nauseam over an abstract truth, or think about how to actually take real profit in the real world.” 

The trader also says that it is within the realm of possibility for LINK to revisit its all-time high of $52.70.

At time of writing, LINK is worth $10.43.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: DALLE-3