Bitcoin Indicator Flashing Bullish for First Time in 18 Weeks, Says Analyst Who Called May 2021 Crypto Collapse

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A Crypto Analyst Predicts a Bullish Signal for Bitcoin

A well-known crypto analyst, Dave the Wave, who accurately predicted the 2021 Bitcoin market meltdown, is now pointing towards a bullish indicator for BTC. According to Dave, Bitcoin’s weekly logarithmic moving average convergence divergence (LMACD) histogram indicator is showing signs of strength, indicating a potential rally in the near future.

The LMACD histogram indicator is a tool used to identify changes in an asset’s trend, strength, and momentum. As the bars on the histogram decrease in size, it suggests that the trend momentum is weakening. In the case of Bitcoin, the declining red bars on the histogram may signal a market reversal on the horizon.

Dave the Wave states, “Bull markets climb a wall of worry. The first strengthening histogram on the weekly BTC chart in 18 weeks/4.5 months. The weekly MACD has not dipped below the zero-line, indicating a bullish trend since February 2023. It’s essential not to overlook the technical indicators.”

Furthermore, Dave analyzes the BTC/gold ratio, which compares the value of Bitcoin to the price of gold. Based on his chart, he suggests that the BTC/gold ratio may have peaked, hinting that Bitcoin could soon outperform gold.

Lastly, Dave shares a chart showing that Bitcoin has been outside of the “buy zone” of his logarithmic growth curve (LGC) since it was last priced around $40,000. The LGC is a tool used to predict Bitcoin’s market cycle highs and lows while filtering out short-term volatility.

“Back when BTC was half the price, that was the last time it hit the LGC ‘buy zone,'” Dave notes.