Analyst predicts bitcoin to grow by 50% in the near future

A trader known for several apt predictions about the cryptocurrency market believes that bitcoin is preparing for a major breakout.

Analyst Dave Wave told his 146,500 followers on the social media platform X that BTC $60,884.07 Bitcoin -3.65% Market capitalization $1.2 trillion VOL. 24 hours $1.37 billion could follow a bullish trading pattern in a range before reaching about 50% growth. Looking at his daily chart, the trader suggested that bitcoin is printing a bullish megaphone pattern, with two higher prices and two lower prices, and could soar to around $ 109,500.

The analyst also says that the price lows are in the BTC trading ranges, at the Fibonacci retracement level of 0.382. This forms a trend line that has been acting as support since the end of 2023.

Dave Wave analyzed the TOTAL2 chart, which traders use to track altcoin markets as it measures the total market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. Dave Wave initially predicted that TOTAL2 would witness a breakout in June, but it appears that the chart has accelerated after a significant rise.

According to the analytical tracker CoinMarketCap, at the time of writing, on May 21, the flagship cryptocurrency is worth $ 69,634, an increase of 5.2% over the week. The total number of coins circulating on the market is $ 1.3 trillion, and traders have made daily trading deals worth $ 29 billion. BTC’s dominance in the market has reached 50.3% of the industry.