Analyst Dave The Wave Draws A Case For Bitcoin To Rally To $135,000
According to pseudonymous analyst, known as Dave the Wave, lays out a case for Bitcoin (BTC) to rise up towards $135,000.
The analyst, who correctly predicted the May 2021 crypto crash, shared with his 96.7K, followers on Twitter that theoretically, Bitcoin could find a top at $$135,000 roughly a year from now.
Dave the Wave draws straight trend lines through each BTC bull cycle, and identifies each cycle’s bottom, top, and bear market lows.
According to the analyst’s projection Bitcoin would slowly make its way up to around $135,000 by early to late 2023.
Looking into the shorter term price action, Dave the Wave doesn’t rule out making new local lows. He says that if Bitcoin ends up collapsing, then it is likely to find support at the bottom of a logarithmic growth curve (LGC) at around $20,000, before rising up again.
“If it were to play out like this, the LGC base would provide solid support…. and then off to the races again.”
The investors who are long-term bullish on Bitcoin, might actually benefit from BTC to visit lower levels, which as a result could reset important indicators such as the moving average convergence divergence (MACD).
MACD, which identifies trends and momentum for an asset, is still showing signs of further short-term downside on all three major time frames.
“Monthly MACD – correction in macro bull Weekly MACD – below the zero-line and rolling over Daily MACD – also below the zero line
Even if there were an eventual washout may well be the best thing for the macro bull moving forward…”
