Veteran trader Dave the Wave predicts Bitcoin (BTC) is at a critical juncture, with the potential for either a major upward surge or a significant correction.
Upside Target: $65,000
Dave the Wave believes Bitcoin could break out of its current trading range and surge to $65,000. This move would be driven by a breakout from a long-term regression band and a shorter-term ascending channel.
Downside Target: $41,000
However, if the breakout attempt fails, Bitcoin could drop to $41,000, which marks the bottom of the ascending channel.
MACD Indicator Key
The Moving Average Convergence Divergence (MACD) indicator could provide clues about Bitcoin’s future direction. According to Dave the Wave, when the MACD crosses above a certain level, BTC tends to explode in a final upward impulse before exhausting itself.
Current MACD Position
Currently, Bitcoin’s MACD is approximately a week away from potentially entering the “parabolic strength” zone, indicating the possibility of a major surge.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $51,662.
