A trader who successfully predicted the Bitcoin (BTC) crash in May 2021 has suddenly become bullish on Dogecoin (DOGE).
Pseudonymous analyst Dave the Wave told his 146,500 followers on social media platform X that DOGE could form a bullish ascending triangle on the daily time frame.
A triangle pattern is considered bullish if the asset clears a major resistance level.
Dave the Wave says,
“Tell me that's not bullish.”
Looking at his chart, the analyst sees DOGE consolidating in a broader symmetrical triangle pattern that could soon break through any resistance that could put the meme coin in the $0.20 range. seems to be suggesting. Dave the Wave also seems to suggest that DOGE will rise to near all-time highs of $0.73 during this cycle.
DOGE is trading at $0.14 at the time of writing, up 1.2% in the past 24 hours.
Next, analysts say Bitcoin could spark a rally to new all-time highs if the flagship digital asset can break through a permanent resistance level.
“BTC: You can do business with up to $70,000…
short term. resistance [becomes] support? “
He also suggested that BTC could be forming a cup-and-handle formation on the daily timeframe, which could delay the Bitcoin breakout by about two more months. The cup-and-handle is considered a bullish continuation pattern, suggesting that Bitcoin may take a little more breath before breaking through a key resistance level.
“BTC: Now or New Year’s Eve?”
At the time of writing, Bitcoin was trading at $67,351, down more than 2% in the past 24 hours.
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