Parabolic peak approaching? Top Trader Reveals Upside and Downside Targets for Bitcoin (BTC)
Veteran trader Dave the Wave says Bitcoin (BTC) is at an inflection point where it could either trigger a parabolic bullish impulse or eventually experience a significant correction.
The pseudonymous analyst shares with his 145,000 followers on the social media platform
“The short-term technical target is $65,000 if the price can break out of the channel and $41,000 if it cannot.
Your move BTC.”
Source: Dave the Wave/X
Looking at his chart, Dave the Wave believes that BTC has just broken out of a long-term regression band and is subsequently about to break out of a short-term overlapping upward channel. Should the breakout fail, the analyst's downside target of $41,000 is at the bottom of the ascending channel.
Dave the Wave says that Bitcoin's Moving Average Convergence Divergence (MACD) could provide an indication of whether or not BTC could suddenly go parabolic.
The MACD is a momentum indicator that can indicate when trends begin or reverse. According to the trader, once the MACD crosses a certain level, BTC explodes in a final upward impulse before exhausting itself, as was the case in January 2021 and December 2017.
Currently, Bitcoin’s MACD is about a week away from potentially entering Dave the Wave’s “parabolic strength” zone.
“The daily BTC MACD is an indication.
The Difference Between Technical and Parabolic Strength.”
At the time of writing, Bitcoin is trading at $51,662.
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