An analyst with a history of making timely Bitcoin calls believes that BTC is preparing for a huge forward burst, even though he is struggling to remedy the level of $ 110,000.
Pseudonymous analyst Dave the Wave tells his 153,800 followers on the social media platform X that he closely monitors Bitcoin’s progressive average convergence -Divergence (MACD) indicator on the weekly map.
The MACD is a technical indicator that follows the convergence and divergence of moving averages to measure the momentum and trend direction of an active and at the same time locate potential reversal areas.
According to Dave the Wave, BTC’s weekly MacD suggest That Bitcoin is bullish and is ready to reach a diagonal resistance that has marked market tops since 2012.
“You would expect a push -up based on the weekly BTC MacD extension.”
Looking at the graph of the trader, he seems to suggest that the MACD will rise to the diagonal resistance by the end of the year, just like BTC to $ 160,000.
Zoom out, Dave de Golf out The monthly time frame supports its long-term bullish outlook on BTC.
“Monthly BTC MACD in the longer term that goes up again …”
But in the short term, the analyst thinks that Bitcoin will slide to around $ 98,000, where it could possibly print a local soil before addressing new rallies.
“Would it be so terrible to see BTC price consolidation to slightly less than $ 100,000 before you go up again? Sure, only snowflakes would think …”
At the time of writing, Bitcoin acts for $ 104,348.
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Generated image: midjourney