In May 2021, a trader who accurately predicted the Bitcoin 
$89,935 crash indicated that Bitcoin could initiate a significant price movement next month.
Bitcoin’s Technical Outlook
The analyst, known by the pseudonym Dave the Wave, suggested on social media platform X that Bitcoin could start breaking resistance levels by October 2024. The graph shared by the analyst indicated that Bitcoin was trading in a triangle pattern while consolidating within a broad range.
BTC 4th quarter fireworks?
The analyst also mentioned that Bitcoin is likely to trade around $52,000 above recent lows, supported by critical moving average support.
BTC one-year moving average coming up fast…
Fibonacci Retracement Level
Dave the Wave, placing the current multi-month correction in a different perspective, noted that despite Bitcoin falling below $50,000 last month, it only retraced to the 0.236 Fibonacci level. Traders view maintaining this level as support as a strong sign that buyers are stepping in without waiting for lower levels.
Correction, consolidation maybe… but hardly a bear market.
Similarities with Previous Cycle
In a graph shared earlier this month, the analyst suggested that Bitcoin might be mirroring its previous cycle and appeared ready to break out based on the 2020 cycle’s timeline.
BTC.
As of writing, Bitcoin’s value stands at $56,826, showing an increase of over 3% daily.
The analyst’s comments provide significant insights into Bitcoin’s future price movements. Maintaining resistance at Fibonacci levels and the support of moving averages are crucial indicators for investors to watch. Bitcoin’s similarities with previous cycles and holding at specific technical levels could create a positive market sentiment.
