If popular analyst Dave the Wave is to be believed, Bitcoin is currently forming a “gigantic bullish setup.” The pseudonymous analyst thinks Bitcoin is poised for a massive breakout that could lift the coin’s price by 50%.
“The BTC megaphone.”
A bullish megaphone pattern?
Based on Dave the Wave’s chart, it appears as if Bitcoin is in the process of forming a bullish megaphone pattern. This is the case when two higher highs and two lower lows appear on the graph.
Ultimately, Dave the Wave appears to be heading for a Bitcoin price of $109,500 after this pattern.
In addition, the lows of the Bitcoin price currently appear to be trading in a range, in which the Fibonacci retracement levels of 0.382 provide an upward trend line.
The above chart from the analyst clearly shows how Bitcoin has started an impressive climb based on this trend line, which actually started in October 2023 and has remained intact since then.
Ook bullish over altcoins
Dave the Wave is also bullish on altcoins, as can be seen from his TOTAL2 chart. Analysts use these to monitor the market without taking into account the performance of Bitcoin and stablecoins.
Dave the Wave originally predicted that TOTAL2 would have a breakout in June, but that timeline has been pushed back thanks to rumors of a quick approval of the Spot Ethereum ETFs.
TOTAL2 is currently trading at $1.145 trillion. This means that this price has broken above the diagonal resistance of Dave the Wave.
Is this the start of the much-discussed altseason? Many investors hoped for this during the first months of 2024, but altcoin gains failed to materialize with a few exceptions.
Now the altcoins are suddenly gaining energy again due to the bullish sentiment about the Ethereum ETFs, which may receive approval this week.
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Source: https://newsbit.nl/bitcoin-vormt-gigantische-bullish-setup/
