Lark Davis, a crypto expert/influencer posted on his Twitter page that Bitcoin (BTC)’s most recent monthly MACD may signal the conclusion of the ongoing bear market. The tweet was made in reference to Bitcoin‘s most recent monthly moving average convergence divergence (MACD).
According to his analysis, the most recent two bear markets ended when a reversal occurred, which is precisely what we are seeing today. That does not imply that we will reach the moon instantly, but it might indicate that we will soon begin the long, tedious climb back up.
However, Davis isn’t the only analyst that thinks that. According to the pseudonymous cryptocurrency analyst known as Dave the Wave, who correctly predicted the Bitcoin (BTC) market crash in May 2021, a historically reliable signal is now flashing positive for the digital asset. He went on to say that the MACD implies that Bitcoin is about to emerge from its prolonged bear market.
In his words:
“No guarantee of certainty, but certainly a strong indication of the #Bitcoin macro turnaround… given the previous historical trend.”
Traders use the moving average convergence divergence (MACD) indicator to identify potential trend reversals. The MACD is a trend-based momentum indicator that illustrates the connection between two moving averages of an asset.
Bitcoin’s price has increased by 1.5% in the previous 24 hours and 2.5% in the past seven days, and it is now trading at $20,104 as this article is being written. On November 2, the day when the US Federal Reserve announced another significant increase in interest rates, the price of the king crypto reached a high of $20,800.
