A popular cryptocurrency analyst known for calling Bitcoin’s (BTC) May 2021 crash said that despite the market downturn, BTC remains in a “buy zone.”
Pseudonymous trader Dave the Wave Tell His 126,600 Twitter followers believe that Bitcoin is in an expanding sideways range within a buying zone.
“Extended sideways range in buy zone. Want to see hold.”
Analysts also notes Bitcoin’s monthly Moving Average Convergence Divergence (MACD) looks bullish. MACD is a trend-based momentum indicator that describes the relationship between an asset’s two moving averages and is used by traders to identify reversals.
“Monthly MACD works magic for predicting tops [loss of momentum/ blue arrow]. The histogram is now as overextended as before…and on a similar time frame.bullish [for optimal buying as opposed to buying the top]. “
Dave Waves debate His Logarithmic Growth Curve (LGC) model is “the last Bitcoin model”. Analysts said the model predicted BTC’s price range from 2018.
At the time of writing, Bitcoin is trading at $18,924. The No. 1 crypto asset by market cap is down 0.3% in the past 24 hours and more than 5% in the past seven days. It is also down more than 72% from its all-time high of $69,000 set last November.
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Featured Image: Shutterstock/Roman3dArt/Andy Chipus
