Happened last year bitcoin The crypto strategist, who is known for accurately tracking its crash, noted that despite the “relatively” poor performance of the leading crypto asset for several weeks, the bulls are starting to gain the upper hand.
Dave the Wave The pseudonymous analyst, in a statement on his Twitter account, thinks that Bitcoin is close to reaching the important resistance area on the weekly chart.
Looking at the analyst’s chart in more detail, Dave the Wave expects Bitcoin to also break the resistance around $24,400, which is the 0.5 Fibonacci level.
At the time of writing, Bitcoin was trading around $23,906.
The crypto strategist also highlights that the moving average convergence divergence (MACD), a trend reversal indicator, has recovered and bounced off a historical support level.
The most recent bounce of the MACD from the same region was in 2019, when BTC dropped to $3,000 before rising to $14,000. According to Dave the Wave, a break of the $24,400 resistance could trigger a strong rally above $30,000 for Bitcoin.
“It wouldn’t be surprising to see some FOMO buying begin at some point. It usually happens when a significant resistance level is broken.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.