Gold and digital gold are likely set for more runs amid rising geopolitical tensions and solid technical setups, according to veteran trader Dave the Wave.
The pseudonymous trader tells his 153,000 followers on X that Bitcoin (BTC) and gold are both seeing strength on geopolitical concerns.
[adinserter block="1"]“BTC strength.
Geo-political concerns? Gold and digital gold go up…”
The trader’s chart suggests BTC is climbing an ascending channel targeting all-time highs near $123,000.
Zooming out, Dave the Wave believes Bitcoin lives within what he refers to as “logarithmic growth curves,” which aim to pinpoint the macro highs and lows of BTC market cycles while filtering for shorter-term volatility.
According to the trader, BTC is only halfway through its LGC channel, suggesting that its bull run still has a significant amount of gas in the tank.
“BTC short term and long term:
solid bounce and only midway through the LGC channel.”
Turning to the altcoin market, Dave the Wave says he’s keeping a close watch on the TOTAL2 chart, which tracks the total market cap of all crypto assets excluding Bitcoin and stablecoins.
According to Dave the Wave, TOTAL2 appears to be preparing to break out to new all-time highs and rally toward his target at $3.22 trillion.
“TOTAL2 breaking to new highs…”
At time of writing, Bitcoin is trading at $116,578 while TOTAL2 is trading at $1.678 trillion.
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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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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