Trader Who Called 2021 Crypto Collapse Says Bitcoin in Official Bull Market Territory – Here’s Why

A dealer who precisely referred to as Bitcoin’s (BTC) Might 2021 crash believes that the king crypto simply formally entered a bull market.

Pseudonymous analyst Dave the Wave tells his 140,900 followers on the social media platform X that Bitcoin’s transferring common convergence divergence (MACD) indicator on the month-to-month chart has now flipped bullish after crossing over the zero degree.

The MACD is a momentum indicator that may sign the reversal of an asset’s pattern.

“BTC month-to-month MACD now crossing the zero-line into official bull territory.”

Dave the Wave says that traders from conventional finance will more and more put money into Bitcoin as a protected haven from unsure macroeconomic situations, just like how gold is historically perceived.

He predicts that institutional funding in Bitcoin will ship BTC’s market cap hovering to as excessive as $20 trillion, a greater than 3,000% enhance from its present worth, within the coming a long time.

“Yup, digital gold will come to perform simply as gold does (macro insurance coverage) for the large cash. That is what I imply by the capitalization of BTC the place it’ll method the market cap of gold…

At a conservative estimate (for institutional cash) on observe and nonetheless a far approach to go earlier than BTC begins to check with gold’s market cap of 13 trillion (at present).”

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

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