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The crypto analyst who accurately predicted last years Bitcoin retracement has updated his roadmap of the BTC ascent to $100,000 as the king cryptocurrency approaches the apex of a long-term triangle.
Trader Dave the Wave tells his 33,000 Twitter followers that Bitcoin is poised for a big move as the top cryptocurrency shows signs of compression.
“Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do. Shaping up nicely for the move going forward.”
Based on Dave’s chart, Bitcoin is losing steam as seen on the slumping logarithmic moving average convergence and divergence (LMACD).
The indicator is designed to reveal changes in an asset’s trend, strength and momentum.
In addition, the king coin’s volatility looks ready to hit its all-time lows as the Bollinger bands width (BBW) indicator approaches a value of 0.50.
The low BBW reading suggests that BTC’s trading range is at its narrowest point in four years. Bitcoin’s tightening trading range and dying momentum suggest that a violent move is on the horizon as the dominant cryptocurrency approaches the end of a multi-year triangle.
Dave says that once volatility returns, he expects Bitcoin to go through a significant correction.
Once the pullback is over, Dave sees Bitcoin eventually breaking out of the long-term triangle.
He says Bitcoin will recover its all-time high of $20,000 next year before igniting a manic phase that would send the top cryptocurrency above $100,000 before 2022 expires.
In other trending Bitcoin News today:
BITCOIN TO SOON CONFIRM BUY SIGNAL THAT PRECEDED 2017’S 2,000% RALLY
According to a crypto analyst, Bitcoin’s macro Moving Average Convergence Divergence (MACD) is about to cross green on the monthly time frame.
Should this take place, it will mark a large win for the bull case. For instance, prior to the rally from under $1,000 to $20,000 in late-2016/2017, BTC formed this signal.
And prior to the rally to $14,000 in 2019, this signal was formed.
The potential cross in the MACD isn’t the only signal that is supporting the long-term bull case.
This past Sunday, digital asset manager Charles Edwards noted that his indicator, the Hash Ribbons, printed a “buy” signal:
“Bitcoin Hash Ribbons “Buy” signal just confirmed. The post-Halving signal is particularly special. It will probably be a very long time until the next occurs. …and so the great bull run begins.”
This is important as the signal has preceded parabolic rallies in the price of BTC.
Edwards found in an analysis published last year that the gain-to-peak of the indicator’s “buy” signals comes out to an average of 5,520%.
The fundamentals are equally as bullish, analysts have said.
As reported by Bitcoinist previously, Nexo’s Antoni Trenchev argued that Bitcoin is still poised to hit $50,000 by the end of 2020.
He attributed this strong sentiment to the presence of money printing by central banks and the block reward halving:
“So yes, I’m sticking to my prediction of 50K until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well,”
Trenchev concluded to the Bloomberg journalist.
This optimism has been echoed by Adam Back, the chief executive of Blockstream.
The long-time industry executive and programmer told Bloomberg in a July interview that BTC will hit $300,000 in the next five years.
Like Trenchev, Back also mentioned money printing, but added that bonds and real estate likely have low risk-return ratios.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do.
Shaping up nicely for the move going forward pic.twitter.com/prrdi576XD
— dave the wave (@davthewave) July 15, 2020
https://bitcoinist.com/bitcoin-confirm-buy-signal-preceded-2017/
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