A Promising Position for Bitcoin’s Long-Term Rally
A trader who accurately predicted Bitcoin’s crash in May 2021 believes that the cryptocurrency is now poised to initiate a new uptrend. The trader, known as Dave the Wave, points out that Bitcoin’s weekly moving average convergence divergence (MACD) indicator has turned bullish at the zero level, indicating potential momentum for BTC.
The MACD is a momentum indicator that can indicate a reversal in an asset’s trend. Dave the Wave also suggests that Bitcoin will likely surpass the 200-month moving average and rally above the “buy zone” of his logarithmic growth curve model.
Keeping an Eye on Chainlink
In addition to Bitcoin, Dave the Wave is also monitoring the price action of Chainlink (LINK), a decentralized oracle. He notes that LINK appears bullish after breaking multiple diagonal resistances and moving out of its accumulation zone. The trader believes there is a possibility for LINK to revisit its all-time high of $52.70.
At the time of writing, Bitcoin is valued at $34,600 while LINK is worth $10.43.
Hot Take: Bitcoin Gaining Momentum for Long-Term Growth
A trader known as Dave the Wave predicts a promising future for Bitcoin’s long-term rally. With the weekly MACD indicator turning bullish and potential movement above key moving averages, BTC may be gathering steam for an uptrend. Additionally, Dave the Wave keeps an eye on Chainlink’s price action, noting its bullish breakout and potential to reach new highs. While volatility remains a factor, opportunities for profit abound in the crypto market.
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