Bitcoin looks very bullish according to Analysts

Bitcoin remains well below the all-time high of $ 20,000 it reached in late 2017 as a result of the crypto hype. However, this didn’t stop investors from being extremely bullish on the cryptocurrency. A prominent analyst even thinks the asset looks “super bullish” from a long-term perspective. His comments are particularly noteworthy as the analyst has demonstrated the directionality of this market over the past year. In mid-2019, when BTC surged past the $ 10,000 main resistances, the analyst predicted the crash to $ 6,400.

Earlier this year, the analyst suggested that Bitcoin would rise to $ 11,000 before moving towards $ 8,000 and maybe even lower. That was also correct.

 

Long-term Bitcoin outlook is “super bullish”

The analyst in question is none other than “Dave the Wave”. Dave believes that Moving Average Convergence Divergence (MACD), an indicator of Bitcoin’s weekly chart, is “well positioned for cyclical upward moves” that will bring BTC to new heights in the long run.

 

There could be a short-term decline

Dave the Wave sees a bright future for Bitcoin, but believes the asset could be revised down in the near future.On May 28, he shared the diagram below and wrote that BTC remains in a textbook-descending triangle – similar to that seen at the peak of the bull run in 2019.

 

“Has anyone drawn a descending triangle yet? This would double up nicely with the .38 fib [just taking price into the 6K range], and triple up with the larger reverse head and shoulders drawn a month ago above.”

Here’s the tweet: https://twitter.com/davthewave/status/1266104253812097024