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.”
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Generated Image: Midjourney