Crypto Trader Dave the Wave Sees Bullish Momentum Building for BTC . A prominent crypto analyst, known for accurately calling Bitcoin’s 2021 market top, believes the world’s largest cryptocurrency is on the verge of a significant breakout. The pseudonymous trader Dave the Wave told his 153,600 followers on X (formerly Twitter) that Bitcoin (BTC) could soon set a new all-time high — provided it breaks through a key resistance level.
$105,304 Is the Key Resistance Zone
According to Dave the Wave, $105,304 is the critical level Bitcoin must surpass. If BTC breaks above this resistance, the trader expects the digital asset to trade sideways for several months, forming a solid base that could launch a new parabolic move to all-time highs.
“Wanting to see BTC break through the line of resistance to create a multi-month sideward ranging channel — a solid base from which to push to new highs,” he stated.
BTC Maintains Long-Term Bullish Structure
Dave the Wave highlighted that Bitcoin remains well-positioned within a multi-year upward technical channel. He also pointed out that the asset is finding strong support around its one-year moving average, a historically significant level for BTC.
Key Bullish Indicators:
- BTC is trading well within a multi-year ascending channel
- Support continues to hold at the one-year moving average
- Price is not overly extended, which suggests room for growth
These factors, the analyst claims, reinforce the long-term bullish outlook for Bitcoin.
Sideways Action Tied to Geopolitical Uncertainty
The trader also acknowledged the current sideways price action, including a dip into the $90,000 range, attributing it to geopolitical instability in the Middle East. According to him, market nervousness is likely tempering BTC’s momentum in the short term.
“BTC continued consolidation. A nervous market with recent developments in the Middle East,” he noted.
Current Market Status
As of the time of writing, Bitcoin is trading at $107,904, marking a 1.8% increase over the past 24 hours, indicating slight bullish momentum despite the consolidation phase.
Investor Caution Advised
While the technical setup for BTC appears promising, analysts and publications alike advise caution. The Daily Hodl reminds readers that cryptocurrency investments carry risks, and individuals should conduct their own research before making financial decisions.
Disclaimer: The views and opinions expressed in this article do not constitute financial advice. Cryptocurrency markets are volatile and high-risk. Always consult with a professional financial advisor before investing.
