A veteran crypto analyst says Bitcoin (BTC) could be preparing for another parabolic peak past all-time highs and beyond.
Pseudonymous trader Dave the Wave – who rightly called both the 2021 and 2022 crypto market cycles the top and bottom of the crypto market – tells his 147,000 followers on the social media platform
He shares a chart suggesting that BTC could witness another parabolic rally if it clears the resistance at $105,000.
“BTC Parabolic Breakout Here and Now… or a Sustained Range?”
Based on his chart, Dave the Wave seems to suggest that BTC is running into a resistance level around $105,400 which, if broken, could lead to another jump to the upper limit of an ascending channel – possibly around $130,000 around May. On the downside, the trader’s chart suggests immediate support around the $92,000 level.
At the time of writing, Bitcoin is trading at $108,386, above the trader resistance level.
Using Fibonacci extension levels, Dave the Wave says a cycle top of $170,000 for Bitcoin is a potential target to watch. Traders use the Fibonacci Extension tool to identify potential entry and exit levels for an asset based on the Fibonacci ratio.
Despite the poor sentiment around Ethereum due to the relative underperformance of other large-cap crypto assets, Dave the Wave still says he is targeting a rough area of around $7,600 for ETH in the near term.
“I see some ETH desperation on my feed.
Freebie from my alts page to cheer you up a bit.
At the time of writing, Ethereum is worth $3,415.
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Generated image: Midjourney