Bitcoin Is On The Right Track For Massive Breakout

After Bitcoin managed to surpass the important level of $17k, it seems that according to the latest predicitons, the king coin is currently on the right path towards a massive surge. Check out the latest reports below.

At the moment of writing this article, BTC is trading in the green, and the coin is priced at $17,262.

A popular crypto analyst known for calling the 2021 Bitcoin (BTC) collapse thinks the king crypto is on track to break through its “longer-term diagonal of resistance.”

Pseudonymous trader Dave the Wave said recently that a “technical move over the next month or two” could possibly be sufficient to break that resistance.

“BTC

Could a technical move over the next month or two be sufficient to break the longer-term diagonal of resistance?

On track so far…”

Dave the Wave also believes that it’s important to pay attention to the time Bitcoin has spent below the weekly Gaussian channel. Gaussian channels are momentum indicators that can be used to identify price tops and bottoms.

“Periods of time BTC price has been below the weekly Gaussian channel. Nothing too drastic here…”

The price of Bitcoin (BTC) touched $17,000 for the first time in 2023. The king coin has been rallying alongside stocks and bonds in hopes the U.S. Federal Reserve may further slow its pace of monetary tightening.

CoinDesk online publication notes the fact that the big economic event of the day was supposed to be the Nonfarm Payrolls reports from the Bureau of Labor Statistics (BLS) at 8:30 AM ET.

It’s also important to note the fact that the rally really kicked off 90 minutes later after the ISM Non-Manufacturing Index (also known as ISM services) for December fell sharply to 49.6 from 56.5 previously.

Check out our previous article in order to learn more details about all this.