A popular crypto analyst says one key Bitcoin (BTC) statistic suggests that the top crypto assets by market capitalization are officially on the road to recovery.
Pseudonymous analyst Dave the Wave tells are 139,200 Twitter followers that Bitcoin’s monthly moving average convergence divergence (MACD) indicator is now looking bullish in the long run.
“If the monthly MACD indicator suggested the top of the market in late 2021, which was then confirmed with subsequent price action, at a time when most were still in the throes of uber-bullishness, then this does not add any additional weight or veracity of the statistic that now suggests (if not confirms) a price recovery on its way back to higher prices?
The MACD is a momentum indicator that traders use to monitor potential trend reversals. Dave the Wave says that the MACD indicator has been an accurate BTC indicator in the past.
Dave the Wave, who is known for mentioning Bitcoin’s price collapse in May 2021, also notes that there has been a “brief hiatus in the weekly BTC MACD after a solid rise”.
Bitcoin is trading at $31,017 at the time of writing. The leading crypto asset is up 1.3% in the last 24 hours, about 0.7% in the past week, nearly 14% in the last month, and about 87% since the start of 2023.
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Image generated: Midway through the journey