A popular crypto analyst known for calling the Bitcoin (BTC) May 2021 collapse says BTC is still in the “buy zone” despite the sputtering market.
The pseudonymous trader known as Dave the Wave tells his 126,600 Twitter followers that Bitcoin is in an extended sideways range within the buy zone.
“Extended sideward range forming within the buy zone. Would like to see held.”
The analyst also notes Bitcoin’s monthly moving average convergence divergence (MACD) looks bullish. The MACD is a trend-based momentum indicator that depicts the relationship between two moving averages of an asset and is used by traders to pinpoint reversals.
“The monthly MACD did wonders for predicting the top [loss of momentum/ blue arrow]. Histogram is now as over-extended as previously… and on a similar time-range. Bullish [for optimal buying as opposed to buying the top].”
Dave the Wave argues his logarithmic growth curve (LGC) model is the “last Bitcoin model standing.” The analyst says the model has predicted BTC’s price range since 2018.
Bitcoin is trading at $18,924 at time of writing. The top-ranked crypto asset by market cap is down by 0.3% in the past 24 hours and more than 5% in the past seven days. It also remains down more than 72% from its all-time high of more than $69,000, which it hit last November.