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.
The LGC is not asking *too much* for the recovery…”
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.
– 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].”
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…”
At the time of writing, Bitcoin is trading at $16,210, down 76.50% from its all-time high.
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