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Home»Analysis»Parabolic Breakout for Bitcoin Now in the Cards, According to Analyst That Called Last Bull Market Top
Analysis

Parabolic Breakout for Bitcoin Now in the Cards, According to Analyst That Called Last Bull Market Top

January 20, 2025No Comments2 Mins Read
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Cryptocurrency enthusiasts are abuzz with excitement as veteran crypto analyst Dave the Wave predicts that Bitcoin (BTC) could be gearing up for another parabolic spike beyond its all-time highs. With a track record of accurately predicting market cycles, Dave the Wave’s analysis indicates that Bitcoin is on the verge of a significant upward movement.

In a recent post on social media platform X, Dave the Wave shared a chart suggesting that Bitcoin may experience a fresh parabolic rally if it manages to break through the resistance level at $105,000. The chart hints at the possibility of Bitcoin reaching the upper bound of an ascending channel, potentially soaring to around $130,000 by May. Immediate support is seen around the $92,000 level, with Bitcoin currently trading at $108,386, surpassing the trader’s resistance level.

Using Fibonacci extension levels, Dave the Wave highlights a potential target of $170,000 as a cycle top for Bitcoin. The Fibonacci extension tool helps traders identify entry and exit levels based on the Fibonacci ratio, providing valuable insights into market movements.

Despite concerns over Ethereum’s underperformance compared to other large-cap crypto assets, Dave the Wave remains optimistic about its short-term prospects. Targeting a rough area of around $7,600 for ETH, the analyst aims to lift spirits amid perceived despair surrounding Ethereum’s performance.

At the time of writing, Ethereum is valued at $3,415, showcasing resilience in the volatile cryptocurrency market. As investors and traders closely monitor these developments, Dave the Wave’s insights serve as a valuable guide for navigating the ever-changing landscape of digital assets.

For the latest updates and alerts on cryptocurrency price action, be sure to subscribe for email notifications and follow reputable sources on social media platforms like X, Facebook, and Telegram. Stay informed and stay ahead in the world of cryptocurrency trading.

See also  Legendary Trader Peter Brandt Unveils End-of-Year Downside Price Targets for S&P 500, Bitcoin and Ethereum

As the crypto market continues to evolve and present new opportunities, it’s essential to stay informed and connected with reliable sources for timely insights and analysis. With expert guidance from analysts like Dave the Wave, investors can make informed decisions and capitalize on the potential growth of digital assets.

With a keen eye on market trends and a knack for predicting price movements, Dave the Wave’s analysis offers valuable insights for navigating the dynamic world of cryptocurrency trading. Stay tuned for more updates and expert analysis as the crypto market unfolds its next chapter.

Analyst Bitcoin Breakout Bull called Cards market Parabolic Top
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