Bitcoin On Track For A Major Breakout In 2023, Said Top Crypto Analyst

Key Points:

• A crypto analyst believes Bitcoin – the king of crypto is on track to break through its longer-term diagonal of resistance.
• He also advised keeping track of the amount of time Bitcoin has spent below the weekly Gaussian channel.

A crypto expert who predicted the 2021 Bitcoin (BTC) crash believes the king cryptocurrency is on pace to break through its longer-term triangle of resistance.

Pseudonymous trader Dave the Wave advised on Twitter that a technical advance over the next month or two may be enough to break over that obstacle.

BTC – Could a technical move over the next month or two be sufficient to break the longer-term diagonal of resistance?

Previously, Dave the Wave also advised keeping track of the amount of time BTC has spent below the weekly Gaussian channel. Gaussian channels are momentum indicators that may be used to spot price highs and lows.

Periods of time BTC price has been below the weekly Gaussian channel. Nothing too drastic here…

At the time of writing, BTC is trading at $17,240. The top-ranked crypto asset by market capitalization has gained 3.05% in the last week. The top coin is still 75% behind its all-time high of more than $69,000, which it reached in November 2021.

In late December, Dave the Wave said his logarithmic growth curve (LGC) model indicated Bitcoin could ascend to $160,000 by January 2025.

The LGC model is an analyst’s effort to forecast Bitcoin’s cycle highs and lows in the face of shifting macroeconomic conditions.

Previously, the crypto analytics platform Santiment revealed that the profits gained by Bitcoin (BTC) whales following the conclusion of the bull run last year were not cashed out into fiat currencies.

On the same week, Coincu also reported an old Bitcoin wallet that had been inactive for over four years abruptly transferred approximately $250 million to another unknown Bitcoin address. The address that received the payments currently has about $500 million in BTC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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