One analyst is now predicting bitcoin to soar by next month as charts are starting to suggest the cryptocurrency will break resistance levels.
a trader who accurately predicted the May 2021 #bitcoin crash believes bitcoin (BTC) is about to explode, possibly starting next month, reports
pseudonymous analyst Dave Wave, who shared his 146,700 subscribers on X, and noted that #BinanceBlockchainWeek could start breaking through resistance as early as October 1, 2024.
According to Dave Wave's analysis, bitcoin is currently trading within a triangle pattern, consolidating in a wide range.
He noted that 'BTC fireworks in Q4? ' and suggested that bitcoin is likely to hover above its recent lows around $52,000, with key moving averages providing support.
He emphasized that the one-year moving average is fast approaching, adding background to the current months correction. LINE_. BREAK Using the Fibonacci retracement tool, Dave Wave emphasized that bitcoin has only retreated to the 0.236 Fibonacci level, even after falling below $50,000 last month.
traders often respect the level as a positive sign, suggesting that buyers are ready to enter the market without the need for further price declines.
a correction, consolidation could be ......... However, this is hardly a bear market, he said, pointing to a bullish outlook
Earlier this month, analysts also published a chart that shows similarities between the current bitcoin price movement and previous cycles, suggesting that BTC could be on the #verge of a breakout reminiscent of the 2020 cycle.
thanks to these findings, many in the crypto community are keeping a close eye on events expected in the coming weeks.
Bitcoin is currently trading at $BTC Market News Today - Analysts are predicting bitcoin to surge by next month.
asset managers are now predicting $2.9 million per coin in 2050, and the lows still look pretty promising.
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