An experienced crypto trader who has a history of nailing Bitcoin’s market picks and bottoms says that BTC is probably approaching the end of his current correction.
Pseudonymous trader and analyst Dave the Wave tells his 148,000 followers on the social media platform X that Bitcoin seems to respond strongly to the 365-day simple advancing average (SMA).
His graph suggests that BTC is about to go for the fourth time since the start of the Bullmarkt on the 365-day SMA, which would also coincide with the 0.5 Fibonacci level.
Traders use the Fibonacci Retracement Tool to recognize potential input and starting points based on the Fibonacci ratio.
“Follow the yellow stones …”
At the time of writing, Bitcoin’s 365-day SMA floats at around $ 74,400.
Despite fear that the markets stuck, Dave the Wave suggests that BTC may be in the footsteps of his correction of August 2024 when it dropped to the 0.382 Fibonacci level before the new rallies launched.
“A BTC observation.
Now a real correction of 38% of the move according to the last time. “
The trader recently stated that he believes that a deep drawing will be the scene for a Bitcoin rally to around $ 180,000 by the end of the year.
“Why make things more complicated?”
At the time of writing, Bitcoin acts at $ 86,114, about 21% compared to the all time.
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Generated image: midjourney