dailyhodl.com
Veteran trader Dave the Wave says that a massive Bitcoin ($BTC) melt-up is possible given the technical setup for the flagship cryptocurrency.
The pseudonymous trader tells his 153,100 followers on the social media platform X that $BTC can soar above $150,000 in the next 30 days.
“A $BTC run to $160,000 next month technically feasible…”
Based on his chart, Dave the Wave is looking for $BTC to hold an ascending support line and then rally toward the diagonal resistance level at the top of a channel that has been intact since early 2024.
The trader is also bullish on altcoins and thinks that Bitcoin dominance ($BTC.D) may be in the process of breaking down to much lower levels.
According to Dave the Wave, $BTC.D, which compares the market cap of Bitcoin to that of the entire digital asset market and is often used as a gauge for altcoin strength, has broken support near the 60% level and has a ways to fall before its next major support level near 54%.
A bearish $BTC.D chart indicates that altcoins are gaining value faster than Bitcoin. At time of writing, $BTC.D is hovering at 60.7%.
Last month, the trader accurately forecasted that Bitcoin was printing a cup and handle, or a bullish continuation pattern on the weekly chart, suggesting that a breakout surge was in sight for $BTC.
With the rally already unfolding, Dave the Wave is targeting the $160,000 mark in the coming months, and potentially higher prices later on.
“$BTC cup and handle anyone….?
Some calling it an inverse head and shoulders [pattern], which is a possibility I sketched months ago. But if so, a veeeery weak right shoulder… And a weaker ‘shoulder’ makes sense at the top where the market is more bullish. A conventional inverse head and shoulders is usually to be found at the bottom of a market, not at the top. This is why I prefer to call it a cup and handle, a pattern often found at the top.”
At time of writing, Bitcoin is trading at $122,047.
Generated Image: Midjourney