Bitcoin Price Analysis: Analyst Predicts $109,500 Rally
CryptoNewsTerminal Staff22 May, 2024
Bitcoin Price Analysis: Analyst Predicts $109,500 Rally
Bitcoin has been trading sideways for the past few weeks, but a popular cryptocurrency analyst believes that a major rally is on the horizon. According to Dave the Wave, a cryptocurrency analyst with a large following on Twitter, Bitcoin could rally toward approximately $109,500. Dave the Wave bases his prediction on the Fibonacci .382 ($57,500) area, which has acted as strong support since late 2023, and the bullish mega phone (expanding) pattern in play on the BTC/USD daily chart. If Bitcoin can break above the $57,500 resistance level, it could trigger a rally toward $109,500. It is important to note that this is just one analyst's prediction and should not be taken as financial advice. However, Dave the Wave has a good track record of making accurate predictions, so his opinion is worth considering.
