A widely followed crypto strategist believes Bitcoin (BTC) is primed to ignite a massive explosion after breaking out from a bullish continuation pattern.
Pseudonymous analyst TechDev tells his 523,300 followers on the social media platform X that Bitcoin has broken out of a cup-and-handle pattern on the two-week chart.
The pattern typically indicates that an asset is ready to spark a new uptrend after a period of consolidation.
TechDev also points out that Bitcoin’s cup-and-handle breakout looks very similar to gold’s eruption over the past two years.
“When cup-and-handles hit with precision.
Bitcoin’s turn…”
Looking at the trader’s chart, he seems to predict that the pattern breakout will push BTC to as high as $300,000. Earlier this month, TechDev said that a surging global liquidity and capital reallocation would serve as tailwinds for BTC’s ascent to new record levels.
“Gold goes parabolic > Liquidity breaks out > Flows to BTC + rotation from gold sends BTC parabolic
Not an original story.”
At time of writing, Bitcoin is trading for $106,709.
Turning to the altcoin market, the crypto analyst says he’s keeping a close watch on the TOTAL 3 chart, which tracks the market cap of all digital assets excluding Bitcoin, Ethereum and stablecoins.
TechDev believes that altcoins are gearing up for a meteoric ascent after going through four years of price compression.
“I don’t think many comprehend what’s coming in the altcoin market.”
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
