A trader who accurately called Bitcoin’s (BTC) May 2021 crash believes that the king crypto just officially entered a bull market.
Pseudonymous analyst Dave the Wave tells his 140,900 followers on the social media platform X that Bitcoin’s moving average convergence divergence (MACD) indicator on the monthly chart has now flipped bullish after crossing over the zero level.
[adinserter block="1"]The MACD is a momentum indicator that can signal the reversal of an asset’s trend.
“BTC monthly MACD now crossing the zero-line into official bull territory.”
Dave the Wave says that investors from traditional finance will increasingly invest in Bitcoin as a safe haven from uncertain macroeconomic conditions, similar to how gold is traditionally perceived.
He predicts that institutional investment in Bitcoin will send BTC’s market cap soaring to as high as $20 trillion, a more than 3,000% increase from its current value, in the coming decades.
“Yup, digital gold will come to function just as gold does (macro insurance) for the big money. This is what I mean by the capitalization of BTC where it will approach the market cap of gold…
At a conservative estimate (for institutional money) on track and still a far way to go before BTC starts to compare with gold’s market cap of 13 trillion (currently).”
Bitcoin, with a market cap of $672 billion, is trading for $34,414 at time of writing.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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.
Generated Image: Midjourney
