Two analysts, known for their accurate Bitcoin price predictions, are discussing how BTC will react to the 200-week MA. BTC should surpass these levels next week for $20,000…
Knowing the May 2021 crash, the analyst says the Bitcoin price has bottomed out
An accurate crypto analyst says a Bitcoin (BTC) analysis points to 2015 and 2018 bottoms. As Kriptokoin.com, we have discussed Dave the Wave’s accurate predictions in this article. In his current analysis, Wabe says the MACD indicator on the weekly chart is currently hovering at record lows:
The weekly Bitcoin MACD is now at ATH levels. Let’s see if we can get a boost/white histogram next week….
The MACD is used to detect a possible downtrend.
Analyst argues that Bitcoin price will react to 200-week MA
Dave the Wave also says that Bitcoin’s 2015 and 2018 bearish lows are also following the 200-week MA. According to the analyst, he now sees Bitcoin following the 200-week moving average due to the macro flattening principle. Looking at the chart below, the analyst says:
This principle of macro flattening in price indicates that the Bitcoin 200-week MA will cross at some point and eventually become an average rather than a support. Notice how high it is in the channel.
BTC is currently down over 70% from the ATH level. However, Dave the Wave says that the long-term outlook for BTC is still bullish, based on its logarithmic growth curve model (LGC):
Reminder: Bitcoin has not been broken on the LGC basis since 2018. What breaks is a huge amount of expectation and sentiment, this is what the pragmatic investor wants to see when buying.
DonAlt shared a scenario where Bitcoin will return
The next analyst, DonAlt, is closely watching the 200-week moving average, similar to Dave the Wave. According to DonAlt, a rally above the 200-week MA will ignite BTC’s bullish momentum. DonAlt also says that if Bitcoin manages to rise, he is looking at $28,000 as his first target. He underlines that the target price of the rally could be much higher depending on the market structure. For higher levels, the analyst says:
But if we roll here and go somewhere like $23,000 to $24,000 and then squeeze, so we build a base, I really don’t think there’s a good reason to sell at $28,000. So I will hold on to my investment and try higher.
Bitcoin is trading in the $19,500 region at the time of writing. It has lost more than 4% in value since last week. As Kriptokoin.com, we are presenting the current Bitcoin analysis here.
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