Long-Term Bitcoin Outlook Is “Super-Bullish,” Says Analyst Who Called 2019 Bottom
Bitcoin stays far under the $20,000 all-time excessive it established on the finish of 2017’s crypto mania. However this hasn’t stopped buyers from being extraordinarily optimistic concerning the cryptocurrency.
One outstanding analyst not too long ago mentioned that the asset is wanting “tremendous bullish” from a long-term perspective.
His feedback are particularly notable as he’s an analyst that has nailed the directionality of this market over the previous 12 months.
Earlier this 12 months, the analyst advised that the asset would rally to $11,000 earlier than reversing in the direction of the $8,000s and perhaps even decrease. This, too, was right.
Lengthy-Time period Outlook for Bitcoin Is “Tremendous Bullish”
The analyst in query is “Dave the Wave.”
He famous not too long ago that the Shifting Common Convergence Divergence (MACD) indicator for Bitcoin’s weekly chart is “effectively located for the cyclical transfer up” that can deliver the asset to new heights in the long term.
Although a brief time period correction could be on the playing cards, the long term is wanting super-bullish. Weekly MACD effectively located for the cyclical transfer up as in comparison with final time…. pic.twitter.com/pKtWwF5ZIw
— dave the wave (@davthewave) Could 30, 2020
Different indicators corroborate this.
Blockchain analytics agency Glassnode not too long ago famous that roughly 60% of all BTC in circulation “hasn’t moved in over a 12 months, displaying elevated investor HODLing conduct.”
The final time this a lot of BTC (percentage-wise) was frozen was “proper earlier than the BTC bull market of 2017,” previous to the two,000% rally that took Bitcoin from $1,000 to $20,000.
There Might Be a Brief-Time period Drop
Whereas Dave the Wave sees a vibrant future forward for Bitcoin, he does consider that the asset might be topic to correcting decrease within the close to time period.
He shared the chart under on Could 28th, opining that BTC stays in a textbook descending triangle just like the one seen on the peak of the market in 2019’s bull market.
The descending triangle reveals that ought to Bitcoin break to the draw back, it’ll fall in the direction of $7,000.
Has anybody drawn a descending triangle but? This could double up properly with the .38 fib [just taking price into the 6K range], and triple up with the bigger reverse head and shoulders drawn a month in the past above. pic.twitter.com/sIXncYI0wM
— dave the wave (@davthewave) Could 28, 2020
The analyst added that from a long-term progress perspective, Bitcoin is presently wanting a “tad excessive.” This might suggest an imminent correction to extra sustainable ranges.
He isn’t the one market participant to have reminded buyers to be cautious as Bitcoin pushes increased.
As reported by Bitcoinist beforehand, one dealer not too long ago famous that Bitcoin’s current value motion appears eerily just like that seen on the February highs of $10,500. Each intervals have related phases, together with a triple-top sample close to a horizontal resistance.
Ought to BTC commerce because it did after February highs, a robust drop might ensue within the following weeks. This could line up with Dave the Wave’s evaluation.
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