A popular crypto analyst says that Bitcoin’s (BTC) path toward a massive bull cycle remains intact despite the market correction.
Pseudonymous analyst Dave the Wave tells his 140,100 followers on the social media platform X that BTC appears to be in the midst of a consolidation period after rallying by about 100% from its November 2022 bottom.
The trader also says that the weekly logarithmic moving average convergence divergence (LMACD) indicator is still above the zero line, which has historically acted as support for BTC.
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The LMACD indicator is designed to signal changes in an asset’s trend, strength and momentum. Typically, an asset is seen as bullish once it crosses the LMACD zero line.
Says Dave the Wave,
“Technically, not panic stations but plain sailing:
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