A trader known for some accurate crypto market calls said that Bitcoin (BTC) could be gearing up for a major breakout.
Pseudonymous analyst Dave the Wave told his 146,500 followers on social media platform He said it was possible.
“It's a BTC megaphone.”
Looking at the daily chart, the trader says Bitcoin is showing a bullish megaphone pattern of two highs and two lows, suggesting it could soar to around $109,500.
The analyst also notes that the 0.382 Fibonacci retracement level, the low of Bitcoin's trading range, forms a trend line that will hold as support since the end of 2023.
“This chart belongs here, [which was ] In a thread dating back to earlier this month. BTC: One line is dominant at the moment. ”
At the time of writing, Bitcoin was trading at $69,429, declining slightly over the past 24 hours.
Analysts are also keeping an eye on the TOTAL2 chart, which traders use to track the altcoin market in measuring the total market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. Dave the Wave initially predicted that TOTAL2 would breakout in June, but the timeline appears to have accelerated following the big bull run.
“Updated in 1 day.”
The TOTAL2 chart is trading at $1,145 billion, well above Dave the Wave's diagonal resistance.
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