Two major cryptocurrency analysts shared their comments on the largest cryptocurrency Bitcoin (BTC) by market cap. Investors are very curious about the upcoming period, especially since 2022 is just a short time away. Here are the details…
Dave the Wave: Bitcoin signals bull run
Analyst Dave the Wave, known for knowing about the crypto market crash in May 2021, shared his new comments. The analyst says that Bitcoin (BTC) is now showing historical signs of a new bull run. The analyst pointed to Bitcoin’s moving average divergence divergence (MACD) indicator. He said this is at a level that has led to new bull runs in the past. The MACD shows the relationship between two exponential moving averages (EMAs). It monitors the trend.
Following a chart he shared, the analyst used the expressions “do not overlook the big picture”. He pointed out that BTC hit the same low on the weekly MACD. He previously stated that the largest cryptocurrency, rising from this level, is gaining strength. He did not neglect to emphasize that this is “technical analysis only”.
The analyst himself points to a pattern
Dave the Wave also says that time itself can be a critical factor in Bitcoin cycles. It highlights a downward trend that bottoms out every four years, starting in 2014, almost exactly a year after January. He shares a chart that marks the beginning of this trend. Additionally, other annual openings outside of 2014, 2018 and 2022 marked the start of bull runs like 2017 and 2019.
Finally, the closely followed analyst also suggests that Ethereum (ETH) may be in the middle of a bottoming process. ETH – like Bitcoin – forms a flat market top instead of the traditional high of past cycles. Therefore, the expectation of a flat bottom close to the current prices draws attention.
Altcoin Sherpa highlights “2019 bear market for Bitcoin”
Another popular analyst, Altcoin Sherpa, also came up with Bitcoin comments. He said that Bitcoin showed the vibrations of the 2019 bear market rally as it rallied from $3,000 to $14,000 in just a few months. The analyst pointed out that BTC made a massive rally after the bear market bottom in 2019. It pointed to a rise from $3,000 to $14,000. The analyst thinks that we will see such a bear market in 2023.
However, it is unlikely that the amount of increase will be as large as in 2019. Still, he thinks we’re going to see some strong moves. Looking at the chart of altcoin Sherpa, the analyst predicts that Bitcoin could rise to around $38,000. This suggests that there is a potential upside of around 130 percent for the largest crypto by market cap.
Ascension requires a capitulation first
Although the analyst predicts that Bitcoin may enter a bullish trend next year, he states that BTC may witness another capitulation event before it starts to recover. In particular, he says that the macroeconomic situation is in a very different situation than in 2019. He also pointed out that we haven’t seen the last capitulation yet. In 2018, this capitulation marked a drop from $6,000 to $3,000. According to the analyst, if we see such a drop, the moves in 2019 are more likely to repeat.
Capo expects bearish for market
Meanwhile, fellow crypto strategist Capo predicts that Bitcoin and other crypto markets will likely head for lower prices. Capo used the following statements:
Remember: the trend is still bearish. Indicators point to full capitulation event. The bad news should come soon. $12,000 [I’m waiting]. 600-650 dollars in Ethereum. Altcoins have a potential drop of 50-70%, shitcoins are even more so. Stay safe, things can get really ugly.
cryptocoin.com As we reported, Crypto Capo became popular after knowing about this year’s Bitcoin crash. Earlier, the analyst predicted that BTC would drop to $50,000 in 2021. He also correctly predicted the drop to $3,500 in the top crypto three years ago.