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 an upward move despite the currency’s poor performance.
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.
The price of bitcoin is $30,000. to claim
According to the graph of the tweet, Dave expects Bitcoin to reclaim $24,400 as a key resistance area, which is also the 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 stressed that the weekly MACD cross is in sight from the oversold zone.
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.
Therefore, the strategist believes that the currency could easily find a spot at the $30,000 price level if Bitcoin manages to break the resistance at $24,400.
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.
