In the cryptocurrency market, Bitcoin is reportedly on the verge of significant growth, according to noted trader Dave the Wave.
Key Resistance Levels for Bitcoin
Dave the Wave pointed out that Bitcoin could initiate a new parabolic rally if it breaks through the resistance level of $105,000. Should this barrier be cleared, the digital currency might soar to nearly $130,000 by May.
Presence of Support Levels
The trader’s assessment reveals a support zone just beneath Bitcoin, around $92,000. Currently, Bitcoin is trading above this key resistance figure, sitting at $108,386. Utilizing Fibonacci extension levels, Dave the Wave has suggested a prospective peak for Bitcoin could reach about $170,000.
Marketplace Perspectives and Sentiments
A possible breakout for Bitcoin could indicate immediate trading opportunities. Target of $130,000 and potential peak of $170,000 may encourage bullish sentiment. Despite negative sentiment around Ethereum, recovery is plausible if support holds.
With Bitcoin’s recent increase, it appears to be setting the stage for a possible breakout, creating potential opportunities for traders in both short- and long-term scenarios.
