Renowned Crypto Analyst Points to Positive Bitcoin Recovery Signal: MACD Indicator Shows Long-Term Bullishness.
In a recent update, a well-known crypto analyst, Dave the Wave, shares compelling insights with his extensive following of 139,200 users on Twitter. According to Dave, Bitcoin (BTC), the leading cryptocurrency by market capitalization, appears to be on a definitive path to recovery, as indicated by a key metric.
Dave specifically highlights the monthly moving average convergence divergence (MACD) indicator, which now displays a bullish trend over the long term. Reflecting on the indicator’s historical accuracy, Dave emphasizes its significance in predicting potential reversals and trends within the Bitcoin market.
He raises an intriguing point by referencing the previous market peak in late 2021, when the monthly MACD indicator accurately signaled the market top, subsequently confirmed by price action. Given the prevailing bullish sentiment at the time, Dave suggests that the current indication of a recovery in Bitcoin’s price carries even more weight and credibility.
Dave the Wave’s expertise extends beyond this notable observation. Having accurately predicted Bitcoin’s price collapse in May 2021, he also highlights a recent pause in the weekly BTC MACD following a significant upward movement.
At the time of writing, Bitcoin is being traded at $31,017. Over the past 24 hours, the leading cryptocurrency has experienced a 1.3% increase in value. In the last week, it has risen by approximately 0.7%, while over the course of the past month, it has seen a notable surge of nearly 14%. Since the beginning of 2023, Bitcoin has recorded an impressive growth of roughly 87%.
These encouraging developments, combined with the positive insights from Dave the Wave, offer a glimmer of hope for Bitcoin’s recovery and reinforce the potential for higher prices in the near future.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.