Cryptocurrency analyst, which accurately predicts the liquidation of Bitcoin, has approached the peak of a long-term triangle and set the road map of BTC towards $ 100,000.
Crypto money trader Dave the Wave said on Twitter that Bitcoin is preparing for a big move because it shows signs of jamming.
“Momentum and volatility have not changed since the price is at the end of the triangle. The price is a picture showing what it actually does, it is beautifully shaped to move forward. ”
Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it 'ought' to do.
Shaping up nicely for the move going forward pic.twitter.com/prrdi576XD
— dave the wave (@davthewave) July 15, 2020
Bitcoin (BTC) Traded in a Narrow Domain
Based on Dave’s chart, Bitcoin seems to have lost support. The indicator is designed to reveal changes in the trend, strength, and momentum of an asset.
In addition, as the Bollinger bandwidth (BBW) indicator nears 0.50, the king coin’s volatility seems ready to reach all-time lows. Low BBW indicates that the trading range of BTC is at its narrowest point in four years.
Bitcoin’s tight trading range and impending acceleration show that a violent move is on the horizon as the dominant cryptocurrency approaches the end of a multi-year triangle. Dave says he expects Bitcoin to make a major correction when volatility returns.
When the retreat ends, Dave thinks Bitcoin will eventually leave the long-term triangle. He said that Bitcoin will rise above $ 100,000 before 2023, and will reach ATH by passing over $ 20,000 next year.