Bitcoin (BTC) is a bubble, according to a trader with reputable crypto-market predictions.BTCIt is possible that ) are preparing for an explosive breakout.
Pseudonymous Analyst Dave the Wave tells His 146.500 subscribers on the social media platforms X, that Bitcoin might be following a pattern bullish of trading ranges before putting an approximation 50% gain.
“The BTC megaphone.”
The trader, looking at his daily graph, suggests that Bitcoin could reach $109,500 with a bullish megaphone, which includes two highs and two lows.
This analyst is also says Since the end of the year 2023, the Fibonacci Retracement Levels of 0.382, which are the lowest price levels within Bitcoin’s ranges have formed a strong trendline.
“This chart belongs here, [which was ] on a thread dating back to the beginning of this month. BTC: one line dominant at the moment.”
Bitcoin has fallen slightly over the last day, trading at $69 429.
This analyst also looks at the TOTAL2 graph, which is used by traders in order to monitor the altcoin market. The TOTAL2 chart measures the total crypto market capital excluding Bitcoin and Stablecoins. Dave the Wave was initially predicted TOTAL2 was expected to break out in June. However, the time frame has been compressed following a large upward move.
“Updated one day later.”
TOTAL2’s chart trades at over $1.145 trillion. This is well above Dave The Wave’s diagonal support.
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