Popular cryptocurrency trader and influencer Lark Davis has revealed he believes the price of bitcoin is \u201cgoing to the moon\u201d if it manages to retake a key technical area around the 200-day simple moving average.<\/p>\n
In a new strategy session, first reported on by Daily Hodl, Davis told his over 400,000 subscribers he believes the flagship cryptocurrency\u2019s price could surge right after the 200-day moving average is retaken, as he believes it would signal a trend reversal.<\/p>\n
There\u2019s one simple line we need to keep our eye on. That is the 200-day simple moving average. That\u2019s the bull\/bear line for me\u2026That\u2019s currently around $44,700. That\u2019s the line that the bulls need to take control of. Until we cross over that line, we are still technically in a bearish trend.<\/p>\n
Davis added that bitcoin\u2019s price rise to a new $64,000 all-time high and subsequent retracement to little under $30,000 could have been a retest of its support near $29,000. IF so, it would indicate \u201cBitcoin is getting primed for a mega moon rally.\u201d<\/p>\n
As reported, in a note technical analyst and founder of Fairlead Strategies Katie Stockton said the flagship cryptocurrency could surge to $51,000 after it clears resistance found at the $43,000 level. Her price target was based on Fibonacci retracement levels.<\/p>\n
Stockton noted that bitcoin\u2019s price could face resistance around the $44,600 mark where its 200-day moving average is at. She defended it will move higher after it staged a fake breakdown below the $30,000 mark.<\/p>\n
Bitcoin has also recently formed a double-bottom pattern that points to a\u00a0rally to $44,000,\u00a0which is where the pattern\u2019s objective and BTC\u2019s 200-day moving average were converging.<\/p>\n