• Popular crypto analyst Dave the Wave says Bitcoin’s monthly moving average convergence divergence (MACD) indicator suggests a long-term bullish recovery.
• Dave the Wave is known for calling Bitcoin’s May 2021 price collapse and notes that there has been a “brief hiatus in the weekly BTC MACD after a solid move up.”
• At time of writing, Bitcoin is trading at $31,017, up 1.3% in the past 24 hours, around 0.7% in the past week, nearly 14% in the past month and roughly 87% since start of 2023.
Bitcoin Rallies According to Top Crypto Analyst
A popular crypto analyst believes one key metric is signaling that Bitcoin (BTC) could be on its way to recovery. Pseudonymous analyst Dave the Wave has stated that the monthly Moving Average Convergence Divergence (MACD) indicator looks long-term bullish for BTC.
Dave The Wave’s Analysis
Dave the Wave is known for correctly predicting Bitcoin’s May 2021 price collapse and further noted that there had been a “brief hiatus in the weekly BTC MACD after a solid move up.” He believes that if this metric suggested an end to market prices at the end of 2021 and this was then confirmed with subsequent price action, then it adds weight to his current analysis suggesting a recovery towards higher prices.
What Is The MACD?
The MACD is a momentum indicator used by traders to watch possible trend reversals and can therefore be used as an indication of where cryptocurrency markets might be heading next.
Current Price Of Bitcoin
At time of writing, Bitcoin is trading at $31,017 which marks an increase of 1.3% within last 24 hours; 0.7 % within last week; 14% within last month; and 87 % since start of 2023 respectively .
ETFs or exchange-traded funds are financial products that track an index or baskets of assets rather than investing directly into individual holdings like stocks or commodities This article discussed how one popular crypto analyst believes one key metric indicates BTC may be on its way to recovery based on its monthly Moving Average Convergence Divergence (MACD) Indicator .