A trader who correctly predicted the May 2021 Bitcoin crash is now suggesting that BTC could be gearing up for a significant price surge as soon as next month.
Pseudonymous analyst Dave the Wave, with a following of 146,700 on the social media platform X, has shared a Bitcoin chart indicating that BTC might start breaking through resistance levels by October 1st, 2024.
The chart also shows that Bitcoin seems to be trading within a triangle pattern while consolidating within a wide range.
“Could we see some exciting BTC price action in the 4th quarter?”
The analyst also notes that Bitcoin is likely to remain above recent lows at $52,000, with a key moving average providing support.
“Bitcoin’s one-year moving average is approaching rapidly…”
Dave the Wave also provides a different perspective on the current multi-month correction. Using the Fibonacci retracement tool, the analyst highlights that Bitcoin has only retraced to the 0.236 Fibonacci level despite dropping below $50,000 last month.
Traders often see significant strength when an asset respects the 0.236 Fibonacci level as support, indicating that buyers are ready to step in without waiting for lower price levels.
The analyst remarks,
“It may be a correction, consolidation, but it’s far from a bear market.”
Recently, the analyst shared a chart suggesting that Bitcoin’s current price action may mirror its behavior in the previous cycle, hinting at a potential breakout based on the 2020 cycle’s timeline.
“Bitcoin dynamics at play.”
As of the latest update, Bitcoin is valued at $56,826, showing a more than 3% increase for the day.
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Image Source: Midjourney
