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.

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).”

Image

Bitcoin, with a market cap of $672 billion, is trading for $34,414 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Generated Image: Midjourney



Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision