Bitcoin Bull Market Remains Intact, Analyst Says
A well-known crypto analyst, Dave the Wave, believes that Bitcoin’s path to a massive bull cycle is still on track despite the recent market correction. According to Dave the Wave, BTC is currently going through a consolidation period after its impressive 100% rally from its November 2022 low.
One key indicator that supports this bullish outlook is the weekly logarithmic moving average convergence divergence (LMACD) indicator, which is still above the zero line. Historically, BTC has found support at this level.
Dave the Wave explains that technically, there is no need to panic as BTC is experiencing a consolidation of its upward movement this year. Additionally, the LMACD is consolidating towards the zero line, indicating that it is still in a favorable buy zone for investors.
Despite bearish market sentiment, Dave the Wave argues that these indicators do not change the broader case for a bull cycle. He advises crypto investors to focus on rational technical analysis rather than succumbing to fear-mongering tactics.
The analyst also points out that the current correction in Bitcoin’s price is not unusual given its strong rally earlier this year. He suggests that considering BTC retraced 50% of its decline from its peak, consolidation at this point should not come as a surprise.
Based on Dave the Wave’s chart analysis, he predicts that the current correction could potentially push Bitcoin to the 50% Fibonacci level at around $23,000. However, he maintains his previous prediction that BTC will eventually reach its all-time high of $69,000 next year before experiencing a significant corrective move below $50,000.
At the time of writing, Bitcoin is trading at $25,139, showing a 2.9% decrease in the last 24 hours.
Hot Take: Bitcoin Bull Market Remains Strong
Despite a recent market correction and bearish sentiment, crypto analyst Dave the Wave believes that Bitcoin’s bull market is still intact. He points to technical indicators such as the LMACD and BTC’s consolidation after a strong rally as evidence for this bullish outlook. Dave the Wave advises investors to focus on rational technical analysis rather than getting swayed by fear-mongering tactics. Although Bitcoin’s correction may seem significant, it is not uncommon given its previous price movements. Looking ahead, Dave the Wave predicts that BTC may retrace to around $23,000 before resuming its climb towards new all-time highs next year.
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