Dave the Wave, a popular crypto analyst, believes that Bitcoin (BTC) is still on track for a major bull cycle despite last week’s sudden price drop. He suggests that short-term indicators are not reliable in predicting BTC’s price given the current market conditions. Dave the Wave uses his own version of logarithmic growth curves (LGC) and Gaussian channels, momentum indicators that can be used to identify price tops and bottoms, to forecast Bitcoin’s macro highs and lows.He believes that the 200-week moving average (MA) is no longer an indicator of a key price support level for Bitcoin. He previously said that if the macro trend is one of reducing volatility and diminishing returns, then the 200-week MA would eventually become a mean of price, with price oscillating around it.Dave the Wave is also looking for an entry point for the smart contract platform Ethereum (ETH). Based on the weekly Gaussian, he predicts ETH is on the verge of making a move to the upside. Ethereum is currently trading for $1,654, down 0.1% in the last 24 hours.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Dave the Wave, Dave the Wave, Ethereum, OPINIONS EXPRESSED, THE DAILY HODL |
| Companies |
X, Dave the Wave, Ethereum, 200-week MA, Twitter, Facebook, Telegram |
| Currencies |
Bitcoin (BTC), Ethereum (ETH) |
| Securities |
None |
