A Classic Indicator Points to a Bull Run for Bitcoin in 2024, According to a Trader
A trader with a track record of accurate Bitcoin predictions believes that a classic indicator indicates a bull run for BTC next year. The pseudonymous trader and analyst, known as Dave the Wave, explains that Bitcoin’s monthly moving average convergence divergence (MACD) has fully reset into underbought, bullish territory. The MACD is a momentum indicator that can signal a reversal in an asset’s trend. Dave the Wave also uses his own logarithmic growth curves (LGC) to analyze Bitcoin’s long-term market cycles, filtering out short-term volatility and noise.
Bitcoin in the “Buy Zone” for Long-Term Investors
Dave the Wave notes that BTC has been trading at the bottom of the LGC, which he refers to as the “buy zone,” for 15 months. He sees this as a positive sign for long-term investors. However, he does not rule out short-term volatility and consolidation. While his charts emphasize the macro bullish picture, he acknowledges that further consolidation could occur in the short term. He believes that such events would not deter those who follow the LGC model.
Bitcoin’s Current Price and Conclusion
As of now, Bitcoin is valued at $26,613. It remains to be seen whether Dave the Wave’s predictions will come true. However, his analysis of the MACD and LGC suggests potential for a bull run in 2024.
Hot Take: Classic Indicator Points to Positive Future for Bitcoin
A well-known trader and analyst believes that a classic indicator signals a promising future for Bitcoin. By analyzing Bitcoin’s monthly moving average convergence divergence (MACD) and using his logarithmic growth curves (LGC), the trader suggests that a bull run may occur in 2024. While short-term volatility is possible, the trader maintains that Bitcoin is still in the “buy zone” for long-term investors. With Bitcoin’s current price at $26,613, it will be interesting to see if these predictions hold true. Overall, this analysis provides optimism for Bitcoin’s future growth and potential.
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