Crypto Analyst Claims BTC Is Forming A Multi-Month Bottom
Recently a famous crypto analyst who also predicted the start of Bitcoin's bearish trend last year has come up with a new forecast. He believes that the bear market of Bitcoin is finally forming a multi-month bottom and could soon turn towards a bullish trend.
Although the smaller timeframe charts continue to turn bearish and bullish, the long-term charts of Bitcoin (BTC) continue to print bearish trends. However, it seems that yet another expert is now making a claim that BTC is about to change course.
The name of the crypto analyst is 'Dave The Wave' he has amassed 100K+ followers on his Twitter handle. So yes, he is a famous analyst with already a successful BTC forecast under his belt.
Double Bottom (V-Shaped & Cup) Formation On Bitcoin
The chart pattern appears to be V-shaped bottom made with high volume. This was followed by a cup shape bottom which, when combined with the first bottom, formed a double-bottom formation which is a bullish reversal pattern.
However, this pattern is still in its early stages, and for now, the BTC bulls will have to defend the bottom to keep the formation valid. Furthermore, a break above the neckline with strong volume will also be needed to truly free the BTC from the bear's clutches.
Based on the formation shared by Dave, the current BTC bottom is $18,000 while the neckline (confirmation point) is at $25000. So, for now, we need to wait until BTC manages to climb above $25000 and stay there for a few weeks at best.
Furthermore, the LMACD technical indicator on the weekly chart of BTC is also pointing towards a bullish signal. If we look back, the same indicator showed a bullish signal before the BTC bear market of 2018/2019 came to an end. So that's another bullish sign for the BTC investors who are looking for a trend change.