An expert trader renowned for accurately predicting market movements in the cryptocurrency industry has suggested that Bitcoin (BTC) could be on the verge of a significant breakthrough. Dave the Wave, a pseudonymous analyst with a substantial following of 146,500 on the social media platform X, believes that Bitcoin is currently following a bullish trading pattern that typically leads to approximately a 50% increase in value.
Analyzing the daily chart, Dave the Wave points out that Bitcoin is exhibiting a bullish megaphone pattern, characterized by two higher high prices and two lower low prices. Based on this pattern, he predicts that Bitcoin could potentially surge to around $109,500.
Furthermore, the trader highlights that the price lows within Bitcoin’s trading ranges, specifically the 0.382 Fibonacci retracement levels, have been forming a trendline that has been acting as a strong support since the end of 2023.
Dave the Wave also takes into account the TOTAL2 chart, which is used by traders to monitor the altcoin markets. The TOTAL2 chart measures the total market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. Initially, Dave the Wave had predicted that TOTAL2 would experience a breakout in June. However, the timeline seems to have been accelerated due to a significant upward movement.
At the time of writing, Bitcoin is trading at $69,429, showing a slight decrease in value over the past 24 hours. The TOTAL2 chart, on the other hand, is currently valued at $1.145 trillion, surpassing the diagonal resistances outlined by Dave the Wave.
It is important to note that the opinions expressed by The Daily Hodl, including those of Dave the Wave, are not intended as investment advice. Investors are advised to conduct their own research and exercise caution when making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at an individual’s own risk, and any resulting losses are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl engages in affiliate marketing.
