held in May 2021 Bitcoin (BTC) predicting its collapse, the analyst shared the path that BTC must follow to reach six-digit levels this year.
The analyst, known by the alias Dave the Wave, told his 94,000 Twitter followers that Bitcoin is on track to surpass $100,000 this year, but there is one important detail.
“One for the bulls. Aligning the micro with the macro. This year, $100,000 is very close…”
Dave the WaveThe chart shows a strong rally to around $120,000 late this year, predicting a deep bottom around $25,000 before any bullish action starts.
When asked whether geopolitical factors such as conflicts in Europe, shrinking supply chains and rising oil prices could put pressure on the Bitcoin price, the analyst thinks that these conditions may actually create an uptrend for BTC and give it an opportunity to move away from its shadow, that is, from being a speculative asset.
“You may be right, but in this scenario, BTC could resurrect as an alternative currency as opposed to just an asset.”
While Dave the Wave thinks that Bitcoin has bullish potential in the coming months, he stated that BTC is currently in a bearish trend from a high timeframe perspective. Dave the Wave points out that BTC’s moving average convergence divergence (MACD) is still flashing red on its monthly timeframe. The MACD is a trend following indicator that determines the strength of bullish or bearish momentum.
“A month candle has been printed again and the MACD is still moving as a contraction/strengthening bar/histogram with no relief. It is more certain for the MACD to re-adjust to or close to the zero line than if the price is falling at the same angle.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.