Bitcoin’s Bull Market Continues Despite Price Decline
A popular crypto analyst, Dave the Wave, believes that Bitcoin (BTC) is still on track for a massive bull market cycle, despite a recent price decline. Short-term indicators may not be reliable predictors of BTC price given current market conditions. However, broader indicators of Bitcoin’s price patterns indicate that the bull market cycle is still forming. The analyst uses logarithmic growth curves (LGC) and Gaussian channels to forecast macro highs and lows and identify price tops and bottoms. He warns against relying solely on short-term indicators to determine the support for a BTC bull market. The analyst also suggests that the 200-week moving average (MA) is no longer a key price support level for Bitcoin as the market matures.
Ethereum’s Potential Upside Move
Dave the Wave is also looking for an entry point for Ethereum (ETH) as he predicts that it is on the verge of making a move to the upside. He uses the weekly Gaussian indicator to make this prediction. Despite the current price of $1,654, down 0.1% in the last 24 hours, the analyst believes that Ethereum’s volatility will be less this time around compared to previous trades.
Hot Take
Despite the recent price decline, Bitcoin’s bull market cycle is still intact, according to crypto analyst Dave the Wave. He emphasizes the need to consider broader indicators and patterns rather than relying solely on short-term indicators. Additionally, Dave the Wave suggests that the 200-week moving average is no longer a reliable support level for Bitcoin. He is also keeping an eye on Ethereum, predicting a potential upside move based on the weekly Gaussian indicator.
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