The Bitcoin (BTC) bull market is well intact despite a correction, according to an analyst who predicted the May 2021 crypto crash
A popular crypto analyst says Bitcoin (BTC)’s path toward a massive bull cycle remains intact despite the market correction.
Pseudonymous analyst Dave the Wave shares with his 140,100 followers on the social media platform
The trader also says that the weekly moving average logarithmic convergence divergence (LMACD) indicator is still above the zero line, which has historically acted as support for BTC.
The LMACD indicator is intended to signal changes in the trend, strength and momentum of an asset. Typically, an asset is considered bullish once it crosses the LMACD zero line.
Says Dave the wave,
“Technically not panic stations, just plain sailing:
1. A consolidation of this year’s uptrend.
2. This year’s upward move lasts almost as long as the downward move from peak to trough (low hold).
3. Weekly LMACD is consolidating towards the zero line.
Still in the buy zone for investors.”
Source: Dave the Wave/X
According to the trader, the indicators do not change the general case for a bull cycle, even though market sentiment appears to be turning bearish.
“You can listen to scaremongers that play on the general mood… or you can keep an eye on the rational technical aspects.”
The analyst also says that the current Bitcoin correction is nothing out of the ordinary given BTC’s strong rally earlier this year.
“If people thought about the fact that BTC price has come back from its peak by a full 50%, they wouldn’t be too surprised to see consolidation here.”
Looking at the trader’s chart, he appears to be predicting that the current correction could push Bitcoin to the 50% Fibonacci level at around $23,000.
The trader had previously predicted that BTC would revisit its all-time high at around $69,000 sometime next year, followed by a significant corrective move below $50,000.
Bitcoin is trading at $25,139 at the time of writing, down 2.9% in the last 24 hours.
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