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Analyst Who Called Crypto Collapse In May 2021 Says Bitcoin (BTC) Is On The Way To Recovery CryptoBlog

A popular analyst known for calling Bitcoin (BTC) and last year’s crypto market crash indicate that the flagship crypto may be on the verge of ending its downtrend.

The pseudonymous analyst known as Dave the Wave tells his 130,000 Twitter followers that Bitcoin is now at the bottom of its log growth curve (LGC), implying that BTC is at a critical support level.

According to the analyst, for the LGC to retain its validity, Bitcoin needs to see at least modest gains from now on.

“BTC

The LGC is not asking *too much* for the recovery…”

Source: Dave the wave/Twitter

Dave the Wave says that BTC essentially goes through hype cycles of prolonged rallies and steep corrections, while maintaining strong support levels at the bottom of each downturn. According to the analyst, the LGC has been a reliable model for more than four years.

“People are finally accepting the notion of ‘hype cycles’…after the event.

Facts:
– markets can be cruel
– most are caught in hyper
– technical analysis fixes this
– those who follow the LGC buy zone [since 2018] was not [wrecked].”

Image
Source: Dave the wave/Twitter

In the shorter term, Dave the Wave says that the November monthly candle maintains LGC support, and that BTC is currently in the “buy zone”.

“Bitcoin Monthly Candle Holds So Far…”

Image
Source: Dave the wave/Twitter

At the time of writing, Bitcoin is trading at $16,210, down 76.50% from its all-time high.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Feature image: Shutterstock/Vadim Sadovski/Fotomay



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