Analyst Predicts Bitcoin Price Surge Despite Struggles to Break $110,000 Level
Analyst Dave the Wave, known for his accurate Bitcoin predictions, believes that BTC is on the brink of a significant upward move even as it faces resistance at the $110,000 mark.
Monitoring Bitcoin’s MACD Indicator
Dave the Wave is closely watching Bitcoin’s Moving Average Convergence Divergence (MACD) indicator on the weekly chart. The MACD is a technical tool that tracks the convergence and divergence of moving averages to determine an asset’s momentum and trend direction, as well as potential reversal points.
Based on his analysis, Dave the Wave suggests that Bitcoin’s weekly MACD indicates a bullish trend, with the potential to reach a diagonal resistance level that has historically signaled market tops since 2012.
According to his chart, Dave the Wave predicts that the MACD will rise to the diagonal resistance by the end of the year, coinciding with a Bitcoin price surge to $160,000.
Long-Term Bullish Outlook on Bitcoin
Looking at the monthly timeframe, Dave the Wave maintains his long-term bullish stance on Bitcoin, citing a positive turn in the monthly BTC MACD.
However, in the short term, the analyst anticipates a potential drop in Bitcoin’s price to around $98,000 before a bounce-back, emphasizing the consolidation phase as a healthy market correction.
As of now, Bitcoin is trading at $104,348.
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