Analyst Calling May 2021 Bitcoin Collapse Says Historically Accurate Indicator Suggests BTC In New Phase
A popular crypto analyst known for calling Bitcoin (BTC) May 2021 Collapse says a historically accurate indicator has turned bullish.
Pseudonymous analyst Dave the Wave says his 125,600 Twitter followers that Bitcoin’s Weekly Moving Average Convergence Divergence (MACD) has crossed below the “zero line”.
Previous MACD crosses below this line in 2012, 2015 and 2019 preceded huge bullish price moves, according to a chart shared by the analyst.
MACD is a trend-based momentum indicator that shows the relationship between two moving averages of an asset and is used by traders to spot reversals.
Bitcoin’s MACD crossing below the zero line also occurred consistent with BTC being in an oversold position, similar to what took place in 2019, according to Dave the Wave.
BTC is trading at $22,364 at the time of writing. The top-ranked crypto asset by market capitalization has gained nearly 3% in the past 24 hours and more than 13% in the past seven days. Bitcoin is still down more than 67% from its all-time high of more than $69,000, which it reached last November.
Dave the Wave also says he’s looking at the MACD on the monthly chart, which he notes also shows a bullish signal.
“Although the month has not ended yet, there is a very good chance that we will also see the first contracting histogram on Bitcoin’s monthly chart. Previously, after the first one, the histograms continued to strengthen… Bullish.”
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