Parabolic Breakout for Bitcoin Now in the Cards, According to Analyst That Called Last Bull Market Top

A veteran crypto analyst says that Bitcoin ( BTC ) could be setting up for another parabolic spike past all-time highs and beyond.

Pseudonymous trader Dave the Wave – who accurately called both the crypto market cycle top and bottom in 2021 and 2022 – tells his 147,000 followers on the social media platform X that Bitcoin is on the brink of a strong impulse to the upside.

He shares a chart suggesting that BTC may witness a fresh parabolic rally if it takes out resistance at $105,000.

“BTC parabolic breakout here and now… or a continued range?”

Source: Dave the Wave/X

Based on his chart, Dave the Wave appears to suggest that BTC is grinding up against a resistance level around $105,400 that if broken, could lead to another jump to the upper bound of an ascending channel – possibly near $130,000 by about May. On the other hand, the trader’s chart suggests immediate support around the $92,000 level.

At time of writing, Bitcoin is trading at $108,386, above the trader’s resistance level.

By using Fibonacci extension levels, Dave the Wave says that a cycle top of $170,000 for Bitcoin is a potential target to keep an eye on. Traders use the Fibonacci extension tool to identify potential entry and exit levels for an asset based on the Fibonacci ratio.

Source: Dave the Wave/X

Despite poor sentiment surrounding Ethereum due to its relative underperformance of other large-cap crypto assets, Dave the Wave still says that he’s targeting a rough area of around $7,600 in the short term for ETH .

“Seeing some ETH despair on my feed.

Freebie from my alts page to cheer you up a little.” 

Source: Dave the Wave/X

At time of writing Ethereum is worth $3,415.

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