Bitcoin Eyes 18% Gain to New Highs as Analysts See Bullish Trend

An analyst with a history of making timely Bitcoin calls believes that BTC is setting the stage for a huge move to the upside. The analyst, known by the pseudonym Dave the Wave, suggests that if Bitcoin breaks through resistance at the $105,304 level, it will likely trade sideways for a while before bursting to new all-time highs. This prediction is based on the current market conditions and historical price movements, suggesting that Bitcoin is poised for a substantial rally.

Dave the Wave, who has 153,600 followers on the social media platform X, also points out key indicators that suggest Bitcoin remains in a bullish trend. These indicators include Bitcoin trading well-above the lower bound of a years-long upward channel and maintaining a multi-year upward technical channel. Additionally, the analyst notes that multi-year support is being found at the one-year moving average, and Bitcoin is not too far extended from that average.

The analyst also attributes Bitcoin’s recent sideways price action, including a temporary dip into the $90,000 level, to geopolitical concerns. This consolidation phase is seen as a natural part of the market cycle, with recent developments in the Middle East contributing to market nervousness. Despite these concerns, the overall sentiment remains bullish, with many analysts and traders expecting Bitcoin to reach new all-time highs in the near future.

Bitcoin is currently trading at $107,904, up 1.8% in the last 24 hours. This price movement is seen as a positive sign, further cementing Bitcoin's status as a leading digital asset. The cryptocurrency's recent price movements and the predictions of experienced analysts suggest that Bitcoin is setting the stage for a significant upward movement, potentially reaching levels that were previously unimaginable.