The trader that predicted the collapse of Bitcoin in May 2021 says BTC could be gearing itself up for explosive price movement as early as next month.
Dave the Wave, a pseudonymous analyst on the social networking platform X, shares a Bitcoin chart with his 146.700 followers. The graph suggests that BTC may start to break through resistance levels by October 1, 2024.
Analyst’s charts also suggest that Bitcoin is trading in a triangular pattern, while consolidating within a large range.
“BTC 4th quarter fireworks?”
Analysts say that Bitcoin will likely trade at a price above the recent lows of $52,000, with an important moving average as a support.
BTC moving average of one year …”
Dave the Wave puts current multi-month corrective action in a new perspective. The analyst uses the Fibonacci tool to show that Bitcoin is still only at the Fibonacci 0.236% level, despite the recent plunge of Bitcoin below $50,000.
The 0.236 Fibonacci support level is a strong indicator for traders that they are ready to buy without having to wait until the price returns to lower levels.
The trader says:
The analyst published a chart earlier this month that suggested Bitcoin’s price may have been mirroring the last cycle. According to the timeline of 2020, it appears that Bitcoin is poised for a breakout.
“BTC.”
Bitcoin’s value is $56,826, an increase of over 3% in one day.
Join us at X@InvCryptoDaily to never miss a beat.
Images Can Be Found on Pixabay Creative Commons & Midjourney
The post “Hardly A Bear Market” – Trader Who Nailed the 2021 Bitcoin Colllapse Hints At Incoming Fireworks For BTC could be updated as new information becomes available.
