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.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
