Analyst Predicts Bitcoin Correction to $96,000 Before Potential Breakout to $160,000

An analyst renowned for accurate Bitcoin predictions has suggested that the leading cryptocurrency is poised for a correction. Dave the Wave, a pseudonymous analyst, recently shared his insights with his large following on the social media platform X.

According to Dave the Wave, Bitcoin could experience a dip to around $96,000, just above a key Fibonacci retracement level. Fibonacci retracement levels are commonly used in technical analysis to identify support and resistance levels for assets.

Despite the potential correction, the analyst remains optimistic about Bitcoin’s future. He believes that a retracement to the .382 Fibonacci extension level could pave the way for a significant breakout to $160,000.

Key Technical Indicators Point to Bullish Momentum

In addition to the Fibonacci analysis, Dave the Wave also highlighted Bitcoin’s moving average convergence divergence (MACD) indicator, which is currently signaling a bullish trend for the cryptocurrency. The MACD is a popular technical indicator that helps traders assess an asset’s momentum and trend direction.

The analyst’s charts depict a scenario where Bitcoin consolidates within a range before making a strong move towards new all-time highs. He points to similarities with a previous pattern observed in 2024, suggesting that Bitcoin is on track for another significant rally.

Bitcoin Price Update

At the time of writing, Bitcoin is trading at $104,755, showing a slight decline of 1.1% over the past 24 hours. Despite the short-term dip, the overall sentiment remains positive, with many analysts anticipating further gains in the near future.

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