Bitcoin Weak at $20K - Top Analyst: Things Are Up From Here

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Dave the Wave, the analyst who accurately predicted the fall of Bitcoin in 2021, is back with another market forecast. The prominent crypto trader shares some charts in a Twitter thread. In it, Dave claims that the world’s largest cryptocurrency is on the verge of a bull run.

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The crypto analyst shares with over 100,000 followers fake MACD charts supporting his predictions on Twitter. According to the tweet, Bitcoin has bottomed and is ready to start its journey to the upside again. Dave bases his predictions on the trends of recent years shown on the chart (2012, 2015 and 2019).

Notice

The cross is there… and this time from oversold like the previous one… pic.twitter.com/srdtmb2zWZ
— dave the wave 🌊🐫 (@davthewave) September 12, 2022

BTC is about to move upwards according to the MACD chart

The MACD is an indicator of market movements. It shows the relationship between two moving media. It works based on trends and allows traders to calculate the points where market momentum is likely to return.

Based on Dave’s wave, Bitcoin’s MACD has swung below the zero line and is oversold in a move similar to 2019. So, “there’s a good chance we’ll see the first contracting histogram on Bitcoin’s monthly chart as well.” So, judging by the trends so far, the king of cryptocurrencies is facing a bull run.

Bitcoin: Not everyone is so confident

Interestingly, not everyone shares Dave the Wave’s bullish stance on Bitcoin. Another popular crypto analyst, Bluntz, also has a chart shared – but he describes it as ugly. He reiterates that he does not plan to buy Bitcoin anytime soon unless it falls below $17,000.

Bluntz, the shrewd industry watcher, is the analyst who successfully predicted the bottom of Bitcoin 2018. If his chart is anything to go by, BTC has a few more drops in the horizon before relief comes.

Recent bitcoin price movements

At the time of writing, Bitcoin is trading just above $20,000. The coin is down about 1% in the last 24 hours. Despite lost gains above $22,000, BTC price has managed a 4.2% bullish move over the past week. However, these numbers are still far from Bitcoin’s all-time high of $68,789 (data from coinmarketcap.com) away.

Dave the Wave believes that now is the time to buy, not sell, BTC and the smart contractor chooses to wait. All of them have made correct predictions for the crypto market before. It remains to be seen who is right this time as their predictions clearly contradict each other.

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Text credit: Newsbtc