Bitcoin Could Be Entering New Bullish Phase, According to Analyst Who Called May 2021 BTC Crash
Carefully adopted analyst Dave the Wave says proof factors towards Bitcoin (BTC) getting into into a brand new bullish chapter as essential long-term indicators flip inexperienced.
The pseudonymous analyst tells his 137,000 Twitter followers that if he have been a “betting man,” he would take discover of Bitcoin’s weekly shifting common convergence divergence (MACD).
The MACD goals to establish development reversals by recording the convergence or divergence of a given set of shifting averages. Dave the Wave marks six instances in BTC’s historical past, together with proper now, the place the MACD turned bullish proper earlier than important multi-week or multi-month rallies.
“The weekly BTC MACD.
If I have been a betting man….”
the long term, the favored analyst says that one other manner to have a look at Bitcoin’s value efficiency is to cost it in gold, moderately than in US {dollars}. He posits that over the course of about 20 years, BTC may attain the identical market cap of gold, implying a few 22X value improve.
“Mapping BTC towards USD to present the LGC is okay so long as costs transfer exponentially.
However strictly talking, the LGC will solely actually plateau towards XAU [gold], for my part…
A 22x would give a BTC market cap of 12 trillion USD [in 2023 terms]. That is close to equal to the present market cap of gold – $13 trillion.
In fact, within the 2040s it could be priced in a distinct forex [even if USD in name].
Finest to simply say 1 BTC may equal 400 ounces [of gold].”
At time of writing, Bitcoin is buying and selling at $27,727, principally sideways over the previous seven days.
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