Analysts with a history of creating timely Bitcoin calls believe BTC is on the crisis of fixing.
Pseudonymous analyst Dave The Wave tells 153,800 followers of social media platform X that Bitcoin could decline Fibonacci’s retracement level above $96,000.
Fibonacci retracement levels are technical analysis methods used to determine the level of support and resistance of an asset.
“The “Up Only” variety Bitcoiners may make this chart slightly “rebellious,” but BTC technicians will definitely find it extremely promising. ”
Source: Dave the Wave/x
Analysts say the Bitcoin revision to the .382 Fibonacci expansion will set a massive breakout for the flagship crypto assets at $160,000.
Analysts also share a weekly chart showing Bitcoin’s moving average convergence branching (MACD) indicator is BTC bullish.
MACD is a technical indicator that tracks the convergence and divergence of moving averages to measure the momentum and trend direction of assets while identifying potential reversal areas.
“Similar BTC will have a hit with FIB expansion targets, even from 38% of the actual integration of recent moves.”
Source: Dave the Wave/x
Finally, analysts share daily Bitcoin charts, suggesting that BTC has repeatedly followed a similar 2024 integration pattern within range before invading a new all-time high.
“BTC is shaped well.”
Source: Dave the Wave/x
Bitcoin is trading at $104,755 at the time of writing, down 1.1% over the past 24 hours.
