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