Bitcoin Enters Bull Market as Analyst Predicts Market Crash
An analyst who accurately predicted the crash of the leader cryptocurrency Bitcoin (BTC) in May 2021 has announced that they believe the flagship crypto has officially entered a bull market.
Bull Season in Bitcoin
The crypto analyst known as Dave the Wave stated on social media that Bitcoin started to rise after surpassing the zero level of the Moving Average Convergence Divergence (MACD) indicator on the monthly chart. MACD is a momentum indicator that can indicate a reversal in a token’s trend. The analyst stated:
BTC’s monthly MACD is now crossing the zero line, moving towards the official bull zone.
The senior crypto analyst suggested that investors in traditional finance, similar to how gold is traditionally perceived, will increasingly turn to Bitcoin as a safe haven in uncertain macroeconomic conditions.
Prediction of 3,000% Increase in BTC
The expert predicted that institutional investments in Bitcoin will increase the market value of BTC to $20 trillion or more from its current value, with a more than 3,000% increase in the coming years. The expert stated:
Yes, digital gold will start functioning for big money just like gold does. This is what I mean by Bitcoin approaching the market capitalization of gold… We still have a long way to go before Bitcoin competes with gold, which currently has a market value of 13 trillion, but we are on the right track with a lower estimate.
In conclusion, crypto analyst Dave the Wave announced that Bitcoin has entered the official bull zone by surpassing the zero level of the MACD indicator on the monthly chart. They predicted that investors will turn to Bitcoin as a safe haven in uncertain macroeconomic conditions and estimated that Bitcoin’s market value could reach $20 trillion.
Bitcoin, with a market value of $672 billion, is currently trading at $34,414 according to data from the website 21milyon.com.