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A well-known analyst in the cryptocurrency market, using the pseudonym Dave the Wave, believes Bitcoin (BTC) might be on the verge of a significant breakthrough. The analyst also expects the altcoin market to accompany the largest cryptocurrency with a strong upward attack.
Bitcoin Moves Within a Bullish Pattern
Commenting on the latest market outlook with his followers on the social media platform X, Dave the Wave said that Bitcoin might be following a bullish pattern that typically precedes a significant price rise.
According to the analyst’s analysis, a megaphone bull formation has formed on Bitcoin’s daily chart. This formation is characterized by two high peaks and two low troughs, indicating that the price could rise to around $109,500. Dave the Wave emphasized that the current price dips of the largest cryptocurrency have been aligned with the 0.382 Fibonacci retracement level, which has served as support since the end of 2023.
Dave the Wave highlighted the importance of a dominant trend line that holds Bitcoin’s price and indicates a strong support level. At the time of the analysis, Bitcoin was trading around $70,000 and had seen a slight decline in the last 24 hours. Nevertheless, as Dave the Wave pointed out, it shows potential for a significant breakthrough.
Altcoin Market Ready for Upward Attack
In addition to Bitcoin, Dave the Wave closely monitors the TOTAL2 chart, which tracks the market value of altcoins excluding the largest cryptocurrency and stablecoins, and stated that the chart should be watched carefully. The analyst had previously predicted a breakthrough for TOTAL2 in June, but recent market movements have accelerated this timeline. The TOTAL2 chart has surpassed its diagonal resistances and started trading at $1.145 trillion.
The analyst’s observation indicates that the altcoin market is also facing a significant upward momentum that could complete Bitcoin’s bullish pattern. Dave the Wave’s analysis suggests that both Bitcoin and the altcoin market are poised to achieve substantial gains thanks to strong technical models and market dynamics.
