CandleFocus ‘Hardly a Bear Market’ – Trader That Nailed 2021 Bitcoin Collapse Hints at Incoming Fireworks for BTC
2024-09-10
Author: Content Editor
The article discusses the analysis of a trader named Dave the Wave who predicts that Bitcoin (BTC) might experience explosive price action in the near future. The trader shares a chart on social media suggesting that BTC could start surpassing resistance levels by October 1st, 2024. The chart also indicates that BTC is trading in a triangle pattern and consolidating in a wide range. Despite the recent correction, the trader believes that Bitcoin will trade above its recent lows and highlights the strength of the 0.236 Fibonacci level as support. The trader sees the current phase as a correction or consolidation rather than a bear market. Additionally, the trader suggests that Bitcoin may be following a similar price pattern to the previous cycle and looks poised to break out based on that timeline. At the time of writing, the price of Bitcoin is $56,826, showing a 3% increase for the day.
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