There’s a popular crypto analyst who is known for calling Bitcoin may 2021 collapse and said that an important BTC indicator just flipped bullish. Despite the massive volatility that we’ve been seeing in the crypto market these days, there still are optimistic prediciotns about Bitcoin and the market in general.
Bitcoin indicator flips bullish
Accoridng to the latest reports, there is a popular crypto analyst known for calling the Bitcoin (BTC) May 2021 collapse who said that a historically accurate indicator has flipped bullish.
Pseudonymous analyst Dave the Wave said not too long ago via social media that Bitcoin’s weekly moving average convergence divergence (MACD) has crossed below its “zero-line.”
Previous MACD crossed below that line in 2012, 2015, and 2019 preceded by huge bullish price moves, according to a chart shared by the analyst.
“The MACD is a trend-based momentum indicator that depicts the relationship between two moving averages of an asset and is used by traders to pinpoint reversals,” the online publication the Daily Hodl notes.
Bitcoin’s MACD cross below the zero-line also happened in accordance with BTC being in an oversold position. This is similar to what took place in 2019, according to Dave the Wave.
Dave the Wave also said that he’s looking at the MACD on the monthly chart, which he notes is flashing a bullish signal as well.
“Though the month has not closed yet, a very good chance that we’ll also see the first contracting histogram on the Bitcoin monthly chart. Previously, after the first one, the histograms continued to strengthen… Bullish.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $22,313.
The popular trader Tone Vays said that Bitcoin appears to be following its price action of May of this year when it showed signs of recovery before eventually breaking down.