Crypto Analyst Predicts Major Bitcoin Rally Ahead
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A prominent crypto analyst is forecasting a significant breakout for Bitcoin (BTC). Known online as The Crypto Dog, this trader suggests that Bitcoin is on the verge of a major surge, reminiscent of its dramatic rise in late 2020, when BTC skyrocketed from $14,000 to $69,000 over a few months.
The Crypto Dog points out that Bitcoin’s recent price action resembles patterns seen during that previous rally.
Last time BTC broke a level like this we pumped 375% pic.twitter.com/M5GKsCTFQL
— The Crypto Dog 📈 (@TheCryptoDog) July 19, 2024
He predicts that Bitcoin will start a notable rally once it surpasses the immediate resistance level at approximately $68,300.
Currently, Bitcoin is trading around $66,700. The analyst believes that Bitcoin may be in the early stages of a substantial upward movement, suggesting a potential for an extended uptrend without significant setbacks.
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He anticipates that this could lead to new all-time highs for the cryptocurrency.
In addition to Bitcoin, The Crypto Dog is monitoring the performance of Bonk (BONK), a memecoin based on the Solana (SOL) network.
He expects BONK to maintain strong performance and continue outperforming the broader crypto market, noting that early high-performers often retain their momentum.