Bitcoin Fractal Predicts BTC Price Hitting $170K by May

NAIROBI (CoinChapter.com) — According to crypto analyst Dave the Wave, a pattern backed by strong technical signals indicates that Bitcoin could reach $170,000 by May 2024.

Technical Indicators Support Bitcoin Bullish Outlook

The weekly MACD indicator aligns with levels seen during peaks in Bitcoin prices, supporting expectations of continued movement in the months ahead.

BTC/USD 1-week price chart. Source. TradingView

Additionally, Bitcoin’s current position within the growth curve (LGC) channel indicates there is still room for growth. Historically significant price milestones have occurred around the point of the LGC channel, further bolstering the forecast of reaching $170,000.

An analysis using Fibonacci time sequences suggests that Bitcoin price is poised for further growth even if there are signs of a decline in MACD momentum. It indicates that a minor decrease might just be temporary, and there’s still a chance of an upward trend.

Aside from these signals, an analysis based on Fibonacci time sequences suggests that Bitcoin’s price is favorably positioned for growth, even if there is a downturn, in MACD momentum. It indicates that a minor decrease might just be temporary, and there’s still a chance of an upward trend.

BitcoinTechnical Outlook. Source. TradingView

TradingView data currently displays a resounding “Strong Buy” signal for Bitcoin. This bullish sentiment is underpinned by 16 ‘Buy’ indicators and just 10 ‘Neutral’ indicators. Furthermore, Bitcoin recently surpassed its previous all-time high of $71,600, cementing its upward trajectory.

Although the future of Bitcoin remains inherently unpredictable, the current bullish fractal pattern offers a compelling basis for optimism. If the pattern holds, investors may witness an unprecedented surge in Bitcoin’s value over the coming months, potentially reaching the $170,000 mark.