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.
[adinserter block="1"]“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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
