An analyst with a history of making timely Bitcoin calls believes that BTC is about to have a correction.
Pseudonymous analyst Dave the Wave tells Are 153,800 followers on the social media platform X that Bitcoin can fall to just above a Fibonacci retracement level at $ 96,000.
Fibonacci retracement levels are a method for technical analysis that is used to determine the support and resistance levels of an active.
“The bitcoiner of the ‘only’ variety, this graph may find somewhat ‘treacherous’, but the BTC technician will undoubtedly find it promising.”
The analyst says that a Bitcoin correction for the .382 Fibonacci extension would set the flagship Crypto activum for a huge outbreak Up to $ 160,000.
The analyst also shares a weekly graph with Bitcoin’s advancing average convergence -divergence (MACD) -indicator flash bullish for btc.
The MACD is a technical indicator that follows the convergence and divergence of moving averages to measure the momentum and trend direction of an active and at the same time locate potential reversal areas.
“A similar BTC comes up, even from a real consolidation of 38% of the recent movement, that would hit FIB extension objective.”
Finally, the analyst stock A daily bitcoin graph that suggests that BTC repeats a similar 2024 pattern of consolidation within a range before breaking out to new all time.
“BTC forms beautiful.”
Bitcoin acts for $ 104,755 at the time of writing, a decrease of 1.1% in the last 24 hours.
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Generated image: midjourney