A popular analyst known for calling the Bitcoin (BTC) and crypto market crash of last year says that the flagship crypto could be on the verge of ending its downtrend.
The pseudonymous analyst known as Dave the Wave tells his 130,000 Twitter followers that Bitcoin is now at the bottom of his logarithmic growth curve (LGC), implying that BTC is at a critical support level.
According to the analyst, for the LGC to maintain validity, Bitcoin needs to see at least modest gains from here on out.
The LGC doesn’t ask *too* much for the recovery…”
Dave the Wave says that BTC essentially goes through hype cycles of over extended rallies and steep corrections, while maintaining solid support levels at the bottom of each downturn. According to the analyst, the LGC has been a reliable model for over four years.
“People finally coming to terms with the notion of ‘hype cycles’… after the event.
– markets can be cruel
– most get caught up in the hyper
– technical analysis fixes this
– those following the LGC buy zone [since 2018] have not been [wrecked].”
In the shorter term, Dave the Wave says November’s monthly candle is holding the support of the LGC, and BTC is currently in the “buy zone.”
“The Bitcoin monthly candle holding up so far…”
At time of writing, Bitcoin is trading at $16,210, down 76.50% from its all-time high.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Vadim Sadovski/Fotomay
Credit: Source link