A popular crypto trader thinks that April will be a crucial month for Bitcoin (BTC) price momentum.
Nicknamed analyst Dave the Wave told his 96,200 Twitter followers that Bitcoin (BTC) monthly and weekly MACD (Moving Average Convergence Deviation) metrics are moving downwards. MACD metrics are trend-setting indicators. Here’s the analyst announced:
“The long-term monthly chart reaffirms itself; The current candle is turning red and the MACD continues bearish.
This [bence] It will be a very important month – can the price stay green and the histogram/momentum strengthen?”
The trader considers April to be significant for BTC as the indicator in question has reached its breakout point.
BTC, the top-ranked crypto-asset by market cap, has lost nearly 5% in the last week and 0.98% in the last 24 hours. At the time of writing, it is trading at $ 43,478.
The analyst also noted that the price of BTC is holding sideways support as the “momentum rolls”.
Alongside this, the analyst updated his chart that maps his predictions for Bitcoin (BTC) “road to $500,000”:
Updated updated stairway to heaven…#BTC pic.twitter.com/xsAWIFvbUb
— dave the wave🌊🐫 (@davthewave) April 4, 2022
“This visually represents the phenomenon of diminishing returns. [daha az yükseklik, daha fazla zaman].
When it comes to ‘multi-year cycles’, I think they become redundant in an increasingly liquid/mature market. It is better to think of decreasing ‘cycles’ as opposed to lengthening cycles.”
You can check the price movements here.
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.