The leading crypto Bitcoin (BTC) could not hold above $ 21 thousand. However, he continues to strive above the spiritual level of $20,000. Whether or not Bitcoin sees the bottom in this environment continues as a debate. A crypto analyst who predicted Bitcoin’s May 2021 crash, the president shared his latest assumptions for crypto.
Has the leader hit bottom in the crypto bear market?
Koindeks.com As you follow, Bitcoin suffered a crash in May last year. Well guessing this, analyst named Dave the Wave argues that BTC is in the process of forming a bear market base. Take a look at this article for the analyst’s actual predictions. Now, Dave the Wave says that Bitcoin has created a classic reversal pattern on the daily chart. In this context, the analyst makes the following statement:
Has Adam and Housing base formed for Bitcoin? ‘This chart pattern occurs when a sharp V-shaped first base low is made at high volume. This is the first Man base. Then the price rises again. But then it falls a second time to form a second cup shape as a second base. This precedes reduced volatility and a tighter price range.
The model the analyst is referring to suggests that market participants are in the process of accumulating the asset while establishing and defending a price floor. So it is classically a bull formation. According to the analyst’s chart, the base of BTC is around $18,000. Further, the chart shows that the pattern was confirmed around $25,000.
Has Bitcoin reached the end of its bear market?
Dave the Wave says that compared to the weekly chart, the logarithmic moving average convergence divergence (LMACD) indicator gives a bullish signal. Accordingly, the crypto analyst shares a chart showing how the weekly LMACD crossed and bounced at a level that marked the end of the 2018/2019 Bitcoin bear market. Its developers designed the indicator to reveal changes in an asset’s trend, strength, and momentum. The analyst makes the following assessment on this bet:
The long-term momentum indicator serves to correct the volatility of the day and even the reactive sentiment of the weekly unclosed candles.
At press time, Bitcoin (BTC) was trading at $20.682, losing 2.26% on a daily basis. Although BTC rose to $ 21,500 in its last attack, it failed to maintain it. However, the spiritual level is worth over $20,000. In this middle, investors and traders are waiting for the US mid elections and US CPI data.