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Home»ALTCOIN NEWS»Bitcoin potentially forms a massive bullish setup, according to a trader who called the 2022 BTC bottom.
ALTCOIN NEWS

Bitcoin potentially forms a massive bullish setup, according to a trader who called the 2022 BTC bottom.

By Crypto FlexsMay 22, 20242 Mins Read
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Bitcoin potentially forms a massive bullish setup, according to a trader who called the 2022 BTC bottom.
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A trader known for several accurate cryptocurrency market currencies says Bitcoin (BTC) could be preparing for a massive breakout.

Pseudonymous analyst Dave the Wave told his 146,500 followers on social media platform

“BTC Megaphone.”

Source: Dave the Wave/X

Looking at the daily chart, traders suggest that Bitcoin is in a bullish megaphone pattern with two highs and two lows and could surge to around $109,500.

The analyst also says that the 0.382 Fibonacci retracement level, the lowest price of Bitcoin’s trading range, is forming a trend line that holds support from late 2023.

“This chart belongs here in a thread dating back to earlier this month. BTC: One line is currently dominant.”

video
Source: Dave the Wave/X

Bitcoin is trading at $69,429 at the time of writing and has fallen slightly over the past 24 hours.

Analysts are also looking at the TOTAL2 chart, which traders use to track the altcoin market because it measures the total market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. Dave the Wave initially predicted that TOTAL2 would witness a breakout in June, but the timeline appears to have accelerated after the big rally.

“Updated one day later.”

video
Source: Dave the Wave/X

The TOTAL2 chart is trading at $1.145 trillion, well above Dave the Wave’s diagonal resistance.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3

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