Crypto Analyst Dave The Wave: April ‘Crucial Month’ For Bitcoin

According to a prominent crypto analyst and trader, known as Dave the Wave, April will be a very important month for Bitcoin (BTC).

The analyst shared with his 96.2K followers on Twitter that BTC’s trend-identifying monthly and weekly moving average convergence divergence (MACD) metrics are going down.

“Long-term monthly chart reasserting itself; current candle turning red and MACD continuing down.

This will be a crucial month imo (in my opinion) — can price stay green, and can the histogram/momentum strengthen?”

Long-term monthly chart re-asserting itself; current candle turning red and MACD continuing down.

This will be a crucial month imo – can price stay green, and can the histogram/ momentum strengthen? pic.twitter.com/CfoCxKmvmi

— dave the wave?? (@davthewave) April 6, 2022

At the time of writing, BTC trades at $43,618, moving sideways on the daily chart, down 3.25% on the weekly chart.

According to the analyst, Bitcoin’s price is at the horizontal support “with momentum rolling over.”

Price right at horizontal support… with momentum rolling over. pic.twitter.com/5U5S44yf73

— dave the wave?? (@davthewave) April 5, 2022

Dave the Wave also posted an update to his BTC chart mapping out the leading digital asset’s path to $500,000.

“This represents in visual form the phenomenon of diminishing returns [lesser height, more time]. As far as ‘multi-year cycles’ go, I think they are becoming redundant in an increasingly liquid/mature market. Better to think of diminishing ‘cycles’ as opposed to lengthening ones.”

This represents in visual form the phenomenon of diminishing returns [lesser height, more time]. As far as 'multi-year cycles' go, I think they are becoming redundant in an increasingly liquid/ mature market. Better to think of diminishing 'cycles' as opposed to lengthening ones.

— dave the wave?? (@davthewave) April 4, 2022