Here’s How The Bitcoin Price Could Reclaim The $30,000 Mark

The post Here’s How The Bitcoin Price Could Reclaim The $30,000 Mark appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin has been hovering around $24,000 for a few weeks now. However, today, the flagship currency lost its grip over the price point and plunged to $23,000. At the time of reporting, Bitcoin is selling at $23,750, after a fall of 1.25% over the last 24hrs.

One of the well-known crypto analysts and traders, known as Dave the Wave, claims that Bitcoin bulls have started moving upwards even when the currency is underperforming.

He notified his 123,600 followers on Twitter that the flagship currency is all set to reclaim its important resistance barrier in the weekly chart. He claims he is bullish on the Bitcoin price as there is huge buying pressure that is being built. 

#BTC

Plenty of upward pressure building at a level of resistance.

Weekly MACD about to cross from an over-sold position well below the zero-line.

Bullish. pic.twitter.com/zwy5NnVj7P

— dave the wave (@davthewave) August 13, 2022

Bitcoin Price To Claim $30,000

As per the graph in the tweet, Dave is expecting Bitcoin to reclaim $24,400 as a key resistance area, which is also 0.5 Fibonacci level.

Further, the analyst talks about the moving average convergence divergence (MACD), which is a trend reversal metric, and says that it’s preparing to acquire the support level.

Dave asserts that there is a vision of a bullish weekly MACD cross from an oversold area.

Hello, and there's the bullish weekly MACD cross… from an oversold position.pic.twitter.com/XkC5uo6wgl

— dave the wave (@davthewave) August 16, 2022

Notably, in 2019, the MACD tried to flip from the same area, and the Bitcoin price was trading at $3,000 and after this action, the BTC price was at $14,000.

Hence, the strategist believes that if Bitcoin manages to break through the resistance at $24,400, the currency could easily find its place at the $30,000 price levels.

He also says that whenever there is a breakout near the key resistance level, a FOMO kicks in within the crypto space which will lead to a surge in buying. 

Wouldn't be surprised to see some FOMO buying kick in at some point. Often happens when a key level of resistance is broken~

Still just within the buy zone mind you… pic.twitter.com/wHZ9iQXmHB

— dave the wave (@davthewave) August 15, 2022