When is the next major rise in bitcoin (BTC)? This is the question bitcoiners have been asking themselves since the start of 2022. It seems that the crypto analyst known as Dave the Wave has found the answer to this question. Note that Dave the Wave is a trader known for predicting the collapse of cryptos in May of last year.
Signs of an upcoming bull cycle in the Bitcoin market
Last Monday, analysts talked about the possibility of a Bitcoin bull run next year. The next day, Dave the Wave posted a chart in a tweet to predict a rally for bitcoin. The famous trader explained that the MACD indicator of the flagship crypto is at an essential level. In the past, when this moving average convergence divergence has been at this level, there have been increases. Note that the MACD indicator is dedicated to trend following. It makes the connection between two exponential moving averages (EMA).
That said, Dave the Wave said, “I feel a bit compelled to put graphics here after all the misfortune you see. Don’t overlook the big picture. BTC’s weekly MACD hit the same lower level. Previously, it went from strength to strength from this level. Just technical analysis“.
Alongside this, the crypto analyst presented time as a critical factor when it comes to bitcoin (BTC) cycles. Through a graph, he showed that, since 2014, every four years, January sees the birth of a downtrend. The latter generally reaches its low point almost a year later.
Dave the Wave Talks Direct Competitor to Bitcoin (BTC)
The crypto analyst also talked about ether (ETH), the rival of bitcoin (BTC). According to him, there is a chance that ETH finds itself in a bottoming process. Dave the Wave explained that ether, like bitcoin, has been building a flat market top lately.
However, during the past cycles, we noticed the traditional peak of explosion. Given all of these considerations, Dave the Wave expects a flat bottom near current prices in the Ethereum market.
Dave the Wave analyzed the MACD indicator as a historic rally signal in the Bitcoin market. At the same time, he talked about a bottoming process for Ethereum. That said, BTC is currently trading around $16,700. As for ether, its price is around $1,200.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!