An analyst with a history of making timely Bitcoin calls believes that BTC is setting the stage for a huge move to the upside.
Pseudonymous analyst Dave the Wave tells his 153,600 followers on the social media platform X that if Bitcoin breaks through resistance at the $105,304 level, it will likely trade sideways for a while before bursting to new all-time highs.
“Wanting to see BTC break through the line of resistance to create a multi-month sideward ranging channel, a solid base from which to push to new highs.”
The analyst also says key indicators suggest Bitcoin remains in a bullish trend, including that the flagship crypto asset is trading well-above the lower bound of a years-long upward channel.
“The main BTC bullish takeaways:
- Maintaining a multi-year upward technical channel, with price well-positioned within that channel.
- Multi-year support being found at the one-year moving average, and not too far extended from that average.”
Lastly, he says Bitcoin’s recent sideways price action, including a temporary dip into the $90,000 level, is likely due to geopolitical concerns.
“BTC continued consolidation. A nervous market with recent developments in the Middle East.”
Bitcoin is trading for $107,904 at time of writing, up 1.8% in the last 24 hours.
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