A widely followed crypto analyst who called the 2021 crypto bull run says that one metric is flashing a bullish signal, setting altcoins up for a massive rally.
In a new strategy session, pseudonymous crypto trader Dave the Wave tells his 153,100 subscribers on the social media platform X that the Bitcoin (BTC) dominance chart appears to be topping, which historically marks an upswing for altcoins.
“BTC dom. Take your positions ladies and gentlemen…”
The BTC dominance chart keeps track of what percentage of the crypto market’s total market cap belongs to the crypto king and is used to gauge the strength of altcoins. A look at the trader’s chart reveals that in 2021, when BTC’s dominance topped and reversed course, altcoins rose.
Moving on to the flagship digital asset, the analyst says that Bitcoin has “plenty” of room for its weekly Moving Average Convergence Divergence (MACD) to run.
An asset’s MACD is a momentum oscillator that shows the relationship between different moving averages of its price.
Dave the Wave goes on to note that the top crypto asset by market cap’s price is growing at a predictable rate.
“BTC price right where it should be – on the median line of the 85% per annum rate of appreciation.”
The trader’s chart appears to show that BTC’s predicted price at the end of the year will be between $150,000 and $180,000.
Earlier this week, the analyst predicted that BTC would “melt up” and could soar above the $150,000 level sometime during the next month.
Bitcoin is trading for $121,650 at time of writing, a 1.3% gain during the last 24 hours.
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Featured Image: Midjourney
