Trader Who Called May 2021 Collapse Updates Bitcoin Outlook, Says Bottom Likely In for BTC – Here’s Why

Trader Who Called May 2021 Collapse Updates Bitcoin Outlook, Says Bottom Likely In for BTC – Here’s Why


A trader who accurately called the beginning of the 2021 bear market meltdown says that the low for Bitcoin (BTC) is likely already in, based on historical patterns.

Pseudonymous analyst Dave the Wave tells his 190,000 followers on the social media platform X that Bitcoin’s monthly moving average convergence divergence (MACD) indicator has slightly contracted, which traditionally signals that a bullish trend has at least temporarily lost steam.

The MACD is a momentum indicator that traders use to spot potential points of trend reversals.

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But Dave the Wave says he doesn’t think the signal suggests that BTC’s price is headed much lower, as the MACD has not ascended anywhere near the same levels as previous bull runs.

“Yes, there is a contraction on the BTC

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