A trader known for making several accurate statements about Bitcoin says a classic indicator suggests BTC is on track for a bull run next year.
Pseudonymous trader and analyst Dave the Wave tells his 140,000 followers on social media platform
The MACD is a momentum indicator that can signal the reversal of an asset’s trend.
The analyst also uses his own version of logarithmic growth curves (LGC), which aim to chart the highs and lows of Bitcoin’s long-term market cycles, while filtering out short-term volatility and noise.
Dave the Golf notes that BTC has been trading at the bottom of the LGC for 15 months, which he calls the “buy zone.”
“Q4 and then 2024. Bring it on.
The monthly MACD shows a maturing market, as predicted along the lines of the LGC model.
The MACD has crossed bullish and reset well, just below the zero line.
Price has been in the LGC buy zone for 15 months now.”
Although the analyst predicts a rally in the longer term, that is not the case to rule out short-term volatility.
“Bitcoin is still in the buy zone for longer-term investors.
While most of my charts emphasize the bullish macro picture, this does not rule out the possibility of further consolidation in the near term…
If such an event were to occur, it would undoubtedly traumatize many on CT (crypto Twitter).
However, for those who subscribe to the LGC model, it would be just another day at the office.”
At the time of writing, Bitcoin is worth $26,613.
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Generated image: Midjourney