Bitcoin Forming Potential Massive Bullish Setup, According to Trader Who Called 2022 BTC Bottom

A trader known for several accurate crypto market calls says that Bitcoin (BTC) may be gearing up for a massive breakout.

Pseudonymous analyst Dave the Wave tells his 146,500 followers on the social media platform X that Bitcoin may be following a bullish pattern of trading in a range before putting up an approximate 50% gain.

“The BTC megaphone.”

Source: Dave the Wave/X

Looking at his daily chart, the trader suggests that Bitcoin is printing a bullish megaphone pattern, with two higher high prices and two lower low prices, and could soar to around $109,500.

The analyst also says that the price lows in Bitcoin’s trading ranges, the 0.382 Fibonacci retracement levels, are forming a trendline holding up as support since the end of 2023.

“This chart belongs here, [which was ] on a thread dating back to the beginning of this month. BTC: one line dominant at the moment.”

Source: Dave the Wave/X

Bitcoin is trading for $69,429 at time of writing, down slightly in the last 24 hours.

The analyst is also looking at the TOTAL2 chart, which traders use to follow the altcoin markets as it measures the total market cap of crypto excluding Bitcoin and stablecoins. Dave the Wave initially predicted that TOTAL2 would witness a breakout in June, but the timeline appears to have been accelerated following a big upside move.

“Updated one day later.”

Source: Dave the Wave/X

The TOTAL2 chart is trading at $1.145 trillion, well above Dave the Wave’s diagonal resistances.

Generated Image: DALLE3

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