A closely followed trader and analyst, Dave the Wave, says that Bitcoin (BTC) is on a potential path to $100,000 should a certain scenario occur.
Invitation the Wave: Bitcoin is following this chart
As we compiled earlier in this article, Dave the Wave, who correctly predicted important levels in Bitcoin and various cryptocurrencies, gave his Twitter followers the way to go for 100,000 BTC in 2019. The analyst used the following statements:
Let’s say Bitcoin will reach $100,000 in the next few years. It has now reached over 30 percent of that level, but only about 10 percent of that time. In this scenario, a good fix would make a lot of sense.
Coming to today, two and a half years after BTC was trading at just over $10,000 in his most recent post, the analyst updated the chart above with today’s prices. The analyst says that BTC seems to be following the same thing. The graphic below, “Updated, how?” he shared.
Analyst: MACD showing strong signs
The trader states that the above cyclical curve pointing to $100,000 should not be interpreted as a bitcoin support level, but as an average price path that BTC could roughly follow. He suggests that Bitcoin could break the six-digit level late this year or early 2023. Dave the Wave also notes that while the monthly chart still looks bearish, some bullish signals appear on Bitcoin’s weekly chart.
At the time of writing, BTC is trading at $44,466, up 3.7 percent, while Bitcoin’s moving average convergence divergence (MACD), a trend-setting indicator, is finally showing hints of strength. Stating that BTC seems to have come out of a tight descending channel, the analyst uses the following statements:
A sign of life was seen on the weekly MACD. We haven’t seen the same thing monthly yet. The price is strong here. Still, can we see the end of it in the next few days for a convincing trend change?