Renowned crypto analyst Dave the Wave suggests Bitcoin is preparing for a parabolic surge.
Resistance Levels and Potential Targets
According to Dave the Wave, Bitcoin could experience a new parabolic rally after surpassing the resistance at $105,000. If this level is breached, Bitcoin could potentially reach approximately $130,000 by May.
Support Levels and Current Status
The trader’s analysis indicates that there is a support level just below $92,000 for BTC. At the time of writing, Bitcoin is trading above the identified resistance level at $108,386.
Fibonacci Extensions and Long-Term Targets
Using Fibonacci extension levels, Dave the Wave suggested that a potential cycle peak for Bitcoin could be around $170,000. These tools assist traders in determining potential entry and exit levels for assets.
Bitcoin's current rise indicates the potential for a parabolic breakout, presenting new opportunities for market participants.
