By The Daily Hodl - 3 months ago - Reading Time: 2 minutes
Bitcoin Just Hit ‘Springboard’ for Price, According to Trader That Called 2021 Crypto Collapse – Here’s What He Means
The trader who accurately called the 2021 crypto market crash says that Bitcoin (BTC) is likely gearing up for a sudden rally.
Pseudonymous analyst Dave the Wave tells his 143,500 followers on the social media platform X that Bitcoin’s price action on the monthly chart has touched upon a key support level on the Gaussian channel, which has historically signaled the start of a move higher.
Gaussian channels are momentum indicators that can be used to identify price reversals.
“Hitherto, the BTC monthly Gaussian channel has functioned as a springboard for price.”
Source: Dave the Wave/XLooking at his chart, the trader marks prior instances when Bitcoin hit the Gaussian channel on the monthly chart. Based on those instances, BTC tends to rally after respecting the technical indicator as support.
The trader also says that the start of 2024 may be igniting a Bitcoin surge as price action is forming a bullish ascending triangle pattern. On January 1st, Bitcoin crossed the $45,000 level for the first time since 2022.
“BTC: $44,000. New Year rocket?”
Source: Dave the Wave/XHowever, the trader notes that most people do not expect Bitcoin to quickly soar to new all-time highs.
“I don’t think many BTC observers are expecting anything like this [chart].”
Source: Dave the Wave/XBitcoin is trading for $45,123 at time of writing, up 3.3% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Bitcoin Just Hit ‘Springboard’ for Price, According to Trader That Called 2021 Crypto Collapse – Here’s What He Means appeared first on The Daily Hodl.
Original source: The Daily Hodl