The crypto strategist who nailed Bitcoin’s crash last year says BTC bulls are starting to gain the upper hand despite the king crypto’s relative underperformance over the past few weeks.
Pseudonymous analyst Dave the Wave tells his 123,600 Twitter followers that Bitcoin is gearing up to take out a key resistance area in the weekly chart.
“Plenty of upward pressure building at a level of resistance… Bullish”
Looking at the analyst’s chart, it appears that Dave the Wave is expecting BTC to take out resistance around $24,400, which is also the 0.5 Fibonacci level.
At time of writing, BTC is trading for $24,000, flat on the day.
The crypto strategist also highlights that the moving average convergence divergence (MACD), a trend reversal indicator, is coiling up and bouncing from a historical support level.
“Hello, and there’s the bullish weekly MACD cross… from an oversold position.”
The last time the MACD bounced from the same area was in 2019 when BTC bottomed at around $3,000 before rallying to $14,000.
According to Dave the Wave, the break of resistance at $24,400 could trigger a strong rally to above $30,000 for BTC.
“Wouldn’t be surprised to see some FOMO buying kick in at some point. Often happens when a key level of resistance is broken.”
Featured Image: Shutterstock/Nsit/NextMarsMedia