A crypto analyst who accurately called the Bitcoin -Crash from 2021 believes that BTC is busy creating a sustainable basis for the next phase of the bullmarkt.
Pseudonymous crypto-strategist Dave the Wave tells his 149,300 followers on the social media platform X that Bitcoin seems to create a reversed head and shoulder pattern on the daily graph.
A reverse head and shoulder structure is traditionally seen as a bullish reversing pattern, because it suggests that buyers no longer wait until the prize visits recent lows before it is actively collected.
Dave the Golf to see Bitcoin collects almost $ 89,000 before he drops to support at $ 77,000 and gathering to a new high over $ 110,000.
“With a push through the first resistance line, the neckline of a possible BTC – [head and shoulders] would be formed … a great basic pattern. “
He also believes that the upward trend of Bitcoin is intact, although the market sentiment for BTC Beerarish has reversed. He highlights That the BTC price action suggests that the correction is almost over.
“The year continues, and the graph too. Every objective observer of the graph, not familiar with the market and is not entangled in it, will undoubtedly wonder what the panic is with regard to the price [yes, people can be emotionally detached toward Bitcoin]. Their first impression of the graph would be a visual, see a regular series of movements and corrections, and they would most likely tend to see the price that is currently at the end of another correction.
And yet most of these are more closely connected to the market, looking at every daily price movement, are currently in a state of almost panic. In my opinion, the explanation of this phenomenon is collective/crowd sentiment on the one hand and ‘money illusion’ on the other. “
At the time of writing, Bitcoin is worth $ 83,500.
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Generated image: midjourney
