- A trader who accurately predicted the start of the 2021 bear market meltdown suggests that Bitcoin (BTC) has likely reached its lowest point, based on historical patterns.
- The trader, known as Dave the Wave, uses the monthly moving average convergence divergence (MACD) indicator to make his predictions.
- Dave the Wave believes that the current MACD structure is reminiscent of July 2016, which was just before a significant bull run.
Bitcoin (BTC) has likely reached its lowest point, according to predictions based on the monthly moving average convergence divergence (MACD) indicator by a trader known as Dave the Wave.
Bitcoin’s Low Point Likely Reached
Pseudonymous analyst Dave the Wave, who accurately predicted the start of the 2021 bear market meltdown, has suggested that Bitcoin has likely reached its lowest point. He bases his predictions on the monthly moving average convergence divergence (MACD) indicator, a momentum indicator that traders use to spot potential points of trend reversals.
MACD Indicator Predicts Bullish Trend
Dave the Wave says he doesn’t think the signal suggests that BTC’s price is headed much lower, as the MACD has not ascended anywhere near the same levels as previous bull runs. He believes that the current MACD structure is reminiscent of July 2016, which was also right after the halving and just before a massive bull run.
Bitcoin’s Current Trading Value
At the time of writing, Bitcoin is trading at $61,448. Investors are advised to do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets.
Conclusion
Based on the MACD indicator, Bitcoin has likely reached its lowest point and could be on the verge of a significant bull run. However, investors should always exercise caution and conduct thorough research before making any investment decisions.
