Bitcoin could be in the middle of a sharp, parabolic run that will catch many off guard, according to a crypto analyst who has accurately called several of BTC‘s biggest moves.
Pseudonymous analyst Dave the Wave tells his 146,000 followers on the social media platform X that three indicators support the argument that BTC could touch $170,000 in May.
The trader shares a weekly chart with BTC’s moving average convergence divergence (MACD) indicator, which aims to pinpoint reversals and confirm trends, along with time-based Fibonacci markers which are usually used to find local price tops and bottoms based on the Fibonacci sequence.
Dave the Wave also uses his version of the logarithmic growth curve (LGC), which aims to estimate Bitcoin’s long-term highs and lows throughout its lifetime while ignoring short-term volatility.
The trader says all three indicators are potentially converging in a similar fashion to previous all-time highs.
“If the nascent parabola were to continue into a full-blown parabola, an argument for nearly $170,,000 in May.
– weekly BTC MACD level corresponds to previous highs
– previous 2 highs midway in the LGC channel
– time fib allowing further price increase even as the MACD rolls over.”
Source: Dave the Wave/X
The analyst says that currently, a continued push to the upside is still the most likely scenario until a convincing close below a rising support level, which he says is currently around $67,000.
“Though I’m comfortable with an indeterminate future, and where we’re currently at technically and potentially a pivotal point with resistance at previous ATHs (all-time highs), the default option has to be to stick with the continued parabolic move until at least the bold dotted line is broken…”
Source: Dave the Wave/X
At time of writing, Bitcoin is trading at $72,435.
Generated Image: Midjourney
