An anonymous trader renowned for accurately predicting crypto market movements suggests that Bitcoin (BTC) could be on the verge of a significant breakthrough. Going by the pseudonym Dave the Wave, the analyst informs his 146,500 followers on the social media platform X that Bitcoin might be following a bullish trading pattern, wherein it consolidates within a certain range before experiencing a potential gain of approximately 50%.
In relation to his daily chart analysis, the trader indicates that Bitcoin is currently forming a bullish megaphone pattern, characterized by two higher highs and two lower lows, which could potentially propel its price to around $109,500. Furthermore, Dave the Wave points out that the price lows within Bitcoin’s trading ranges, specifically the 0.382 Fibonacci retracement levels, have been acting as a supportive trendline since the conclusion of 2023.
The trader shares his findings by stating, “This chart belongs here, [which was] on a thread dating back to the beginning of this month. BTC: one line dominant at the moment.”
At the time of writing, Bitcoin is trading at $69,429, slightly down within the past 24 hours.
Dave the Wave also pays attention to the TOTAL2 chart, which is commonly used by traders to monitor the altcoin markets as it measures the total market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. Initially, Dave the Wave predicted that TOTAL2 would experience a breakout in June; however, it seems that the timeline has been accelerated due to a substantial upward movement.
The TOTAL2 chart is currently valued at $1.145 trillion, surpassing Dave the Wave’s diagonal resistances.
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Please note that the opinions expressed in this article are not investment advice. It is recommended that investors conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Please be aware that any transfers or trades you make are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please be advised that The Daily Hodl engages in affiliate marketing.