dailyhodl.com
An analyst with a history of making timely Bitcoin calls believes that $BTC is on the verge of a correction.
Pseudonymous analyst Dave the Wave tells his 153,800 followers on the social media platform X that Bitcoin may decline to just above a Fibonacci retracement level at $96,000.
Fibonacci retracement levels are a method of technical analysis used to determine an asset’s support and resistance levels.
“The Bitcoiner of the ‘up only’ variety, might find this chart slightly ‘treasonous,’ but the $BTC technician will no doubt find it very promising.”
The analyst says that a Bitcoin correction to the .382 Fibonacci extension would set the flagship crypto asset up for a massive breakout to $160,000.
The analyst also shares a weekly chart showing Bitcoin’s moving average convergence divergence (MACD) indicator is flashing bullish for $BTC.
The MACD is a technical indicator that tracks the convergence and divergence of moving averages to gauge an asset’s momentum and trend direction while pinpointing potential reversal areas.
“A similar $BTC move up, even from a 38% real consolidation of the recent move, would see that Fib extension target hit.”
Lastly, the analyst shares a daily Bitcoin chart suggesting $BTC is repeating a similar 2024 pattern of consolidating within a range before breaking out to new all-time highs.
“$BTC shaping up nicely.”
Bitcoin is trading for $104,755 at time of writing, down 1.1% in the last 24 hours.