Trader Foresees Bitcoin Rally as Crucial Indicator Signals Uptrend

A well-known crypto analyst known for his accurate prediction of Bitcoin's May 2021 crash now believes a key indicator signals a potential bull market for BTC.

The trader, known as “Dave The Wave,” said that Bitcoin ‘s weekly moving average convergence divergence (MACD) has “crossed and reloaded near the zero line,” which is considered a bullish sign.

#btc bullish

Weekly MACD re-crossed and re-booted near the zero-line.😎 pic.twitter.com/TPE5PYIhlB

— dave the wave🌊🌓 (@davthewave) October 22, 2024

MACD is a momentum-based tool that is used by traders to identify possible changes in market trends.

According to Dave the Wave, the monthly MACD consistently signals bullish market conditions for Bitcoin over the long term.

Additionally, the analyst pointed out, that Bitcoin’s previous resistance level, around $67,000, could become a new support level.

#btc short-term.

Resistance come support? pic.twitter.com/55lYZ2j1so

— dave the wave🌊🌓 (@davthewave) October 21, 2024

At the time of writing, Bitcoin is trading over this threshold at $67,050.