Crypto Analyst Says Bitcoin on the Cusp of Large Rally, Predicts Massive Breakout for BTC
dailyhodl.com 23 July 2024 07:54, UTC A widely followed crypto strategist and trader believes Bitcoin (BTC) is gearing up to ignite a big breakout rally.
Pseudonymous analyst The Crypto Dog tells his 805,600 followers on the social media platform X that Bitcoin appears to be mirroring a pattern witnessed in November 2020 when BTC sparked a parabolic rally from $14,000 to $69,000 in just a few months.
“The last time BTC broke a level like this, we pumped 375%.”
Looking at the trader’s chart, he seems to predict that Bitcoin’s breakout surge will begin after BTC takes out its immediate resistance at around $68,300.
At time of writing, Bitcoin is trading for $67,615.
According to The Crypto Dog, he’s seeing signs that Bitcoin may be at the early stages of a huge burst to the upside.
“Leaning towards a continued uptrend without a meaningful dip, often happens at the beginning of a large rally.”
The analyst also notes that he thinks the current rally will take BTC to uncharted territory.
“This is an ATH (all-time high) run. Get a blood test. Take intramuscular testosterone if <1000 ng/dl. Leave nothing to chance.”
The analyst is also closely watching the price action of the Solana (SOL)-based memecoin Bonk (BONK). The trader thinks that BONK will continue to outperform the crypto market in general due to its strong price action this year.
“Coins that pump hard early tend to keep that lead.”
At time of writing, BONK is trading for $0.0000298, down nearly 6% on the day.
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