A well-known trader who accurately predicted the Bitcoin crash in May 2021 is now shifting his focus to Dogecoin (DOGE) and turning bullish on the meme-inspired cryptocurrency. Dave the Wave, a pseudonymous analyst with a substantial following on X, recently shared his insights with his 146,500 followers.
According to Dave the Wave, DOGE may be forming a bullish ascending triangle pattern on the daily timeframe. This pattern typically indicates a positive trend if the asset surpasses a key resistance level. The analyst shared a chart that suggests DOGE is also consolidating within a broader symmetrical triangle pattern, hinting at a potential breakthrough in resistance levels that could propel the price to around $0.20. Additionally, Dave the Wave believes that DOGE could rally close to its all-time high of $0.73 during this cycle.
At the time of writing, DOGE is trading at $0.14, showing a 1.2% increase in the last 24 hours. In his analysis, Dave the Wave also touched upon Bitcoin’s potential for new all-time highs. He mentioned that if Bitcoin manages to surpass the $70,000 mark, it could spark significant rallies. The analyst also suggested that Bitcoin might be forming a cup-and-handle pattern on the daily timeframe, indicating a possible delay in the breakout as the cryptocurrency takes a breather before breaching crucial resistance levels.
Bitcoin is currently trading at $67,351, experiencing a minor decrease of over 2% in the last 24 hours. Dave the Wave’s insights provide valuable perspectives for traders and investors looking to navigate the volatile cryptocurrency market.
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Image Source: Midjourney