Analysts with a history of creating timely Bitcoin calls believe BTC is preparing for the enormous advantage despite struggling to clear the $110,000 level.
Pseudonymous analyst Dave the Wave tells 153,800 followers on social media platform X that they are closely monitoring Bitcoin’s moving average convergence branching (MACD) indicators on their weekly charts.
MACD is a technical indicator that tracks the convergence and divergence of moving averages to measure the momentum and trend direction of assets while identifying potential reversal areas.
According to Dave the Wave, BTC’s weekly MACD suggests that Bitcoin is bullish and is being prepared to hit the oblique resistance that has been at the top of the market since 2012.
“We’ll expect another pushup based on the weekly BTC MACD extension.”
Source: Dave the Wave/x
Looking at the trader’s charts, he appears to suggest that MACD will rise to oblique resistance by the end of the year, as BTC will ramp up at $160,000.
Zoom out, Dave the Wave says that the monthly time frame supports a long-term bullish outlook for BTC.
“The long-term monthly BTC MACD is heading up again…”
Source: Dave the Wave/x
But in the short term, analysts believe Bitcoin will slide to around $98,000, and could print the local bottom before triggering a new rally.
“Is it really awful to see BTC prices merge into just under $100,000 before they go up again? Certainly, only snowflakes would think so…”
Source: Dave the Wave/x
At the time of writing, Bitcoin is trading at $104,348.
Generated Image: Midjourney
