A trader who accurately predicted Bitcoin’s crash in May 2021 is now forecasting a major price move for Bitcoin price in the coming months. According to the analyst, Bitcoin could soon break key resistance levels, potentially leading to a significant surge.
Bitcoin’s Technical Outlook
The well-known analyst, who goes by the name Dave the Wave, recently shared his thoughts on Bitcoin’s potential price movement via X (formerly known as Twitter). He suggested that Bitcoin could begin breaking resistance levels by October 2024. The chart shared by the analyst shows Bitcoin trading within a triangle pattern, consolidating over a wide range. Additionally, Dave the Wave stated that Bitcoin is likely to trade above its recent lows, hovering around the $52,000 mark, supported by critical moving averages.
Fibonacci Retracement Level
In his analysis, Dave the Wave provided a unique perspective on Bitcoin’s multi-month correction. Despite Bitcoin dropping below $50,000 last month, it only retraced to the 0.236 Fibonacci level. This level is often seen as a critical support, indicating that buyers are entering the market before Bitcoin falls to even lower levels. Many traders interpret this as a strong bullish signal for the near future.
Similarities to Previous Cycles
Earlier this month, Dave the Wave shared another chart that highlighted potential similarities between Bitcoin’s current cycle and its 2020 cycle. Based on this timeline, the analyst believes that Bitcoin could be on the verge of a significant breakout. The resemblance to past price movements suggests that Bitcoin may be about to repeat history, setting the stage for a major rally.
Potential for a Major Bitcoin Rally
Bitcoin’s price movements have always been closely tied to technical analysis, and traders are now paying attention to key indicators like the Fibonacci retracement levels and triangle patterns. With Bitcoin consolidating and preparing for a potential move, many are wondering if the cryptocurrency will soon test new highs.
In addition to technical factors, broader market sentiment and macroeconomic conditions could play a role in Bitcoin’s price action. With analysts like Dave the Wave forecasting a bullish move, it’s clear that the crypto community is eagerly awaiting the next major price shift.
As always, Turkish NY Radio will continue to monitor Bitcoin’s price action closely, providing updates on the latest market trends and predictions.
