Bitcoin Analyst Predicts Huge Move to the Upside
An analyst known for his accurate Bitcoin predictions suggests that BTC is gearing up for a significant upward movement in the near future.
Dave the Wave, a pseudonymous analyst, shared his insights with his large following on the social media platform X. According to him, if Bitcoin manages to break through the resistance at $105,304, it is likely to trade sideways before making a strong push towards new all-time highs.
Moreover, Dave the Wave highlights that key indicators point towards a bullish trend for Bitcoin. He notes that the cryptocurrency is currently trading well above the lower boundary of a long-term upward channel.
“The main BTC bullish takeaways:
- Maintaining a multi-year upward technical channel, with price well-positioned within that channel.
- Multi-year support being found at the one-year moving average, and not too far extended from that average.
Additionally, Dave the Wave attributes Bitcoin’s recent sideways price movement, which included a brief dip to $90,000, to geopolitical concerns.
“BTC continued consolidation. A nervous market with recent developments in the Middle East.”
As of now, Bitcoin is trading at $107,904, showing a 1.8% increase in the last 24 hours.
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