After two and a half years, the prediction still seems to follow the script, as the analyst recently updated the above chart.
Dave the Wave pointed out, however, that the above cyclical curve pointing to $100,000 shouldn’t be interpreted as a support level, but as a mean price path that BTC can roughly follow.
“First thing to note, before people get too excited, is that ‘cyclical’ curve functions as a mean of prices [not as support in a more technical sense].”
Should Bitcoin follow the price trajectory, it could break the six-figure level late this year or early 2023.
The analyst also highlights that despite the monthly chart looking bearish, some bullish signals can be detected on Bitcoin’s weekly chart, such as Bitcoin’s moving average convergence divergence (MACD), a trend-identifying indicator, is at last showing hints of strength.
“A sign of life on the weekly MACD/ histogram. Yet to see the same on the monthly.”
A sign of life on the weekly MACD/ histogram. Yet to see the same on the monthly. pic.twitter.com/BBnNMqNHMo
