A renowned crypto trader, known for accurately predicting market movements, believes Bitcoin (BTC) is poised for a significant breakout.
Bullish Megaphone Pattern
According to Dave the Wave, a pseudonymous analyst, Bitcoin is forming a bullish megaphone pattern, characterized by two higher highs and two lower lows. This pattern suggests a potential 50% surge to around $109,500.
Fibonacci Support
The analyst also highlights that the price lows in Bitcoin’s trading ranges, known as 0.382 Fibonacci retracement levels, have formed a trendline that has provided support since late 2023.
TOTAL2 Chart Breakout
Dave the Wave also analyzes the TOTAL2 chart, which measures the total market cap of altcoins excluding Bitcoin and stablecoins. He initially predicted a breakout in June, but the timeline has accelerated due to a recent surge.
Conclusion
Bitcoin is currently trading at $69,429, with a slight dip in the past 24 hours. The analyst’s predictions suggest that the cryptocurrency is on the verge of a major bullish move, potentially leading to significant gains for investors.
