Bitcoin’s Next Big Move: Price Targets Unveiled by Leading Trader
Experienced trader Dave the Wave suggests that Bitcoin (BTC) is at a critical juncture where it could either embark on a significant upward surge or face a notable downturn.
Dave highlights the potential for Bitcoin to rally towards $65,000, but also cautions that failure could lead to a drop to $41,000.
Technical short-term target of 65K if price can break out of the channel, target of 41K if it cannot.
Your move #BTC 😎 pic.twitter.com/kVJmuIkpWV
— dave the wave🌊🌓 (@davthewave) February 14, 2024
He states, “There’s a short-term target of $65,000 if Bitcoin breaks out of its current channel, with a downside target of $41,000 if it fails to do so. The ball’s in Bitcoin’s court now.”
Dave observes on his chart that Bitcoin has recently broken out of a long-term regression band and appears poised to breach a shorter-term ascending channel. Should this breakout falter, Dave’s downside target aligns with the lower boundary of the ascending channel.
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Regarding Bitcoin’s moving average convergence divergence (MACD), Dave suggests it could offer insight into whether Bitcoin is primed for a sudden surge.
The daily #BTC MACD is a clue.
The difference between technical and parabolic strength. pic.twitter.com/ZOEtLd5BpG
— dave the wave🌊🌓 (@davthewave) February 15, 2024
The MACD serves as a momentum gauge, signaling potential trend initiations or reversals. Dave notes a historical pattern where Bitcoin tends to undergo a final upward push upon the MACD crossing a specific threshold, followed by a period of exhaustion, as seen in January 2021 and December 2017.
Presently, Bitcoin’s MACD is approximately a week away from entering what Dave refers to as the “parabolic strength” zone.
“The daily MACD for Bitcoin provides valuable insights, distinguishing between technical and parabolic strength.”