Huge Bitcoin Price Explosion Inbound? Analyst Who Nailed 2021 Crash Suggests Bitcoin Setting Up For Fireworks
A seasoned crypto trader, who is widely known in the cryptosphere for accurately forecasting the May 2021 collapse, has recently shared his optimistic outlook on Bitcoins price performance in the last quarter of 2024.
In a recent post, pseudonymous analyst Dave the Wave hinted at Bitcoin price fireworks in Q4.
The Fireworks Are Just About To Begin For Bitcoin
The worlds largest and oldest cryptocurrency displayed a remarkable rebound on Tuesday after an ugly start to September, during which the price tumbled under $53,000.
Bitcoin was hovering around $57,519 at publication time, up 1.4% over the past 24 hours. Even so, BTC remains lower by about 3% for September and down nearly 21% since setting a historic high above $73,700 in March.
Nonetheless, Dave the Wave thinks Bitcoin is in line for explosive price action. In a post on the X microblogging platform, the popular crypto trader shared a Bitcoin chart suggesting the alpha crypto could start smashing stubborn resistance zones as early as October 1, 2024.
Dave the Waves chart also indicates that Bitcoin is currently trading inside a triangle pattern while consolidating in a multi-month range.
BTC 4th quarter fireworks? the trader questioned his followers.
The strategist has explained that Bitcoin has so far only fallen to the 0.236 Fibonacci level despite the latest crypto market mayhem. Traders normally consider it incredible strength when an asset maintains the 0.236 Fibonacci level as support. This is because the setup is an indication that buyers are willing to step in without waiting for the asset to slump further. Moreover, this level could act as a springboard for a gargantuan price appreciation in the near term.
Dave the Wave observed earlier this month that Bitcoin might be mirroring its price movement of the previous cycle. The explanatory chart that he shared further hinted that the crypto was edging toward a parabolic spike in line with the 2020 cycles timeline.
September has historically proven to be a notoriously weak month for Bitcoins price. That said, the fourth quarter is just a few weeks off. The good news is that October and Q4, in general, have tended to be good for BTC prices.
Theres also the November United States presidential election, and while former commander-in-chief and Republican frontrunner Donald Trump has on multiple occasions promised a very friendly approach toward crypto regulation if reelected, his rival Kamala Harris serves in a regime industry observers consider hostile.
Text source: ZyCrypto
