A trader who nailed the May 2021 Bitcoin collapse says one indicator suggests BTC could be primed for fourth-quarter gains.
The pseudonymous analyst known as Dave the Wave tells his 146,900 followers on the social media platform X that BTC’s weekly moving average convergence divergence (MACD) indicator is “coming in hot and fast” and approaching a reset.
The MACD is a momentum indicator that traders use to watch possible trend reversals. Dave the Wave points to the previous time the MACD reset in late 2023, which corresponded to the beginning of a massive price upswing that saw Bitcoin hit a new all-time high in March.
Source: Dave the Wave/X
The crypto analyst also shares a Bitcoin chart that estimates BTC could hit the $135,000 price range by mid-to-late 2025.
“BTC macro.”
Source: Dave the Wave/X
Looking at the trader’s chart, he seems to predict that Bitcoin will start to gain bullish momentum in the coming months before igniting parabolic rallies in 2025.
Earlier this month, Dave the Wave shared a chart suggesting that BTC could start taking out resistance levels as early as October 1st.
The analyst’s chart also suggested that Bitcoin appeared to be trading in a triangle pattern while consolidating in a wide range.
“BTC 4th quarter fireworks?”
Source: Dave the Wave/X
Bitcoin is trading at $58,144 at time of writing, a marginal decrease in the past day.
Generated Image: Midjourney
