The cryptocurrency world, bustling with analysts and investors, is no stranger to price predictions, especially regarding Bitcoin and altcoins. One analyst, who accurately foresaw the 2021 crypto market crash, suggests that Bitcoin (BTC) is likely gearing up for a sudden rally.
Dave the Wave, the analyst in question, shared insights on social media about Bitcoin’s monthly chart movements, which he finds noteworthy. He pointed to a significant support level in the Gauss channel, historically associated with larger bullish trends.
Gauss channels are known as important momentum indicators, often used to identify trend reversals in pricing. Dave the Wave highlighted that BTC’s monthly Gauss channel has previously served as a springboard for price jumps.
The analyst also noted previous points where Bitcoin reached the Gauss channel, suggesting that, based on technical indicators, BTC could reflect an upward trend to investors. Furthermore, he mentioned an ascending triangle formation in the price movement, indicating a potential Bitcoin price fluctuation as we enter 2024.
On January 1st, Bitcoin surpassed the $45,000 mark for the first time since 2022, reaching up to $45,950. Another trader offered a different perspective, noting that most people do not expect Bitcoin to rapidly hit all-time highs, adding intrigue to the market’s expectations.
However, a subsequent announcement from Matrixport regarding a spot Bitcoin ETF decision, possibly delayed until the second quarter of the year, caused a panic that momentarily plunged Bitcoin’s price to $41,400. The price later recovered above $42,000. Following discussions between the SEC and major exchanges like Nasdaq, CBOE, and NYSE, as reported by FOX’s Eleanor Terrett, Bitcoin’s price experienced another surge, reaching $43,400 before stabilizing around $42,800.