In the world of cryptocurrency trading, the crypto community’s expectation is growing that it could be a promising year for Bitcoin. Analyst Dave the Wave, known for his accurate predictions about the cryptocurrency market, recently shared his views suggesting that Bitcoin may rise in 2024. Here are the details…
Promising analyzes for Bitcoin attracted attention
Dave the Wave, who has a significant following of 140,000 people on social media platform X, keeps a close eye on a key indicator that has caught the attention of many crypto enthusiasts. This indicator was the Monthly Moving Average Convergence Divergence (MACD). MACD is a powerful momentum indicator commonly used in technical analysis to gauge potential trend reversals. According to Dave the Wave, Bitcoin’s MACD recently reset into the underbought, bullish zone. This important development created optimism among both traders and investors.
In addition to the MACD, Dave the Wave also includes its proprietary Logarithmic Growth Curves (LGC) in its analysis. The LGC model helps identify broader trends in Bitcoin’s long-term market cycles while filtering out short-term fluctuations and noise. A striking observation made by Dave the Wave is that Bitcoin has traded consistently in the lower end of the LGC, which he calls the “buy zone” for 15 months. This continued presence in the buy zone indicates a positive long-term outlook for the leading cryptocurrency.
“After 2023 – go for it!”
“4. 2024 after the quarter. Let’s see,” exclaimed Dave the Wave, hinting at his positive expectations for Bitcoin’s future performance. He emphasized that the monthly MACD indicator is in line with the predictions outlined by the LGC model. The MACD recently crossed into bullish territory and is now well below the zero line. Despite his optimism regarding Bitcoin’s long-term trajectory, Wave Dave remains cautious about the potential for short-term volatility. While his charts highlight a macro bullish picture, he acknowledges that short-term consolidation cannot be ignored. The analyst said:
Bitcoin is still in buy territory for long-term investors. While most of my charts highlight a macro bullish chart, this does not preclude the possibility of further consolidation in the short term.
Dave the Wave’s balanced approach to market analysis suggests that although short-term fluctuations may occur, they should not deter those who adopt the LGC model. According to them, such market events are just part of the cryptocurrency world. At the time of this writing, Bitcoin is trading at approximately $26,613, paving the way for an exciting period of observation and analysis as enthusiasts eagerly await the potential bull run predicted for 2024.
