Bitcoin may be in the midst of a parabolic run that will catch many by surprise, according to a crypto analyst who has carefully called out many of BTC’s biggest moves.
Pseudonymous analyst Dave the Wave tells his 146,000 followers on social media platform X that three indicators support the thesis that BTC could hit $170,000 in May.
The trader shares a weekly chart featuring BTC’s MACD (moving average convergence and divergence) indicator, which aims to spot reversals and confirm trends, along with time-based Fibonacci markers that are typically used to find the highs and lows of the local prices based on the Fibonacci sequence.
Dave the Wave also uses his own version of the logarithmic growth curve (LGC), which aims to estimate Bitcoin’s long-term highs and lows over its lifetime, ignoring short-term volatility.
The trader says that all three indicators are potentially converging similarly to previous all-time highs.
“If the nascent parable were to continue into a full-blown parable, a nearly $170,000 argument in May.
– The weekly level of the BTC MACD corresponds to the previous highs
– 2 previous highs in the middle of the LGC channel
– uncertain weather that allows a further increase in prices even if the MACD reverses.”
Source: Dave the Wave/X
The analyst says that currently, a continued push higher is still the most likely scenario until a convincing close below a rising support level, which he believes is currently around $67,000.
“While I am comfortable with an indeterminate future, and where we are currently at a technically and potentially crucial point with resistance to previous ATHs (all-time highs), the default option must be to stick with continued parabolic movement until at least the bold dotted line is broken…”
Source: Dave the Wave/X
At the time of writing, Bitcoin is trading at $72,435.
Image generated: mid-trip
