Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Parabolic Spike in the Cards for Bitcoin (BTC), Says Top Analyst – Here’s His Timeline

Parabolic Spike in the Cards for Bitcoin (BTC), Says Top Analyst – Here’s His Timeline

Daily HodlDaily Hodl2024/11/11 16:00
By:by Henry Kanapi

A crypto analyst and trader who nailed the 2022 Bitcoin bull market top thinks BTC is rapidly approaching parabolic territory.

Pseudonymous analyst Dave the Wave tells his 147,000 followers on the social media platform X that Bitcoin will likely erupt and witness steep rallies once it shatters a key psychological level.

“The numbers are getting big, but still technically solid. A run to the top of the channel would see BTC break the psychologically important six-figure barrier. Once that’s broken, a parabolic spike is in the cards.” 

Parabolic Spike in the Cards for Bitcoin (BTC), Says Top Analyst – Here’s His Timeline image 0 Source: Dave the Wave/X

With BTC firmly trading above its previous technical resistance at $70,000, Dave the Wave shares a chart suggesting that Bitcoin will continue to hit fresh all-time highs until it reaches $130,000.

“BTC technical target and possible parabolic territory…”

Parabolic Spike in the Cards for Bitcoin (BTC), Says Top Analyst – Here’s His Timeline image 1 Source: Dave the Wave/X

Dave the Wave is not the only analyst who thinks Bitcoin is due for much higher prices. Fellow trader Pentoshi tells his 810,900 followers on the social media platform X that Bitcoin has cemented a new uptrend after breaching resistance at $70,000.

“That’s what we call a trend reversal. It starts in the lower time frames, and this is the result in the higher time frames. Seven months of consolidation comes to an end and now we’ve seen breakouts across the board.” 

Parabolic Spike in the Cards for Bitcoin (BTC), Says Top Analyst – Here’s His Timeline image 2 Source: Pentoshi/X

At time of writing, Bitcoin is trading for $88,133, up over 10% in the last 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix


Generated Image: Midjourney

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Why TradFi firms could turn to bitcoin margin loans: Maple CEO

Maple’s Sid Powell said that TradFi firms have been in contact with the firm about lending and borrowing in crypto

Blockworks2025/01/30 23:22

The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block2025/01/30 21:34

'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT

The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”

The Block2025/01/30 21:34