Top Crypto Analyst Projects When Bitcoin Will Hit New All-Time High
A top crypto analyst, known as Dave the Wave, draws a potential price path for Bitcoin (BTC) which eventually leads to new all-time highs.
The analyst who accurately predicted the crash in May 2021 shared with his 105K Twitter followers that he believes there is a possible scenario where BTC moves sideways for about a year before breaking $70,000 level towards the end of next year.
“Bitcoin going forward, something like this wouldn’t surprise me…”
Looking at the analyst’s chart above, it would appear that he places the cycle peak around $200,000 happening in May or June of 2024 – about two years from now.
Looking at a shorter time frame, Dave the Wave believes that Bitcoin is right now trying to find a bottom. He looks into BTC’s current price action side by side to 2018 when Bitcoin fell down from a descending triangle pattern and then bounced off from the 200-week moving average.
“It helps to step away from the chart, and look at something like the Bitcoin weekly.
The comparison is not everything, but neither is it nothing. It is something to go by…”
It helps to step away from the chart, and look at something like the #Bitcoin weekly.
The comparison is not everything, but neither is it nothing. It is something to go by… pic.twitter.com/k3HRgmF8Uf
The analyst is also looking into the moving average convergence divergence (MACD) on the monthly chart. The MACD, which is used to identify trend reversals, could reach a support level by the end of May, according to Dave the Wave.
Also, Bitcoin is trading above the key Fibonacci level of 0.382, where Bitcoin has bottomed out during the 2014 and 2018 bear markets.
“*On the basis of this metric*, the logarithmic version of the monthly MACD, which I’ve been using to good effect since near forever, the Bitcoin low looks pretty much in.”
*On the basis of this metric*, the logarithmic version of the monthly MACD, which I've been using to good effect since near forever, the #Bitcoin low looks pretty much in. pic.twitter.com/ZsaFWxvaUd
