A trader who accurately called Bitcoin’s (BTC) crash in May 2021 believes the king crypto has just officially entered a bull market.
Pseudonymous analyst Dave the Wave tells According to its 140,900 followers on social media platform
The MACD is a momentum indicator that can signal the reversal of an asset’s trend.
“BTC monthly MACD now crosses the zero line into official bull territory.”
Dave the Golf say that traditional finance investors will increasingly invest in Bitcoin as a safe haven against uncertain macroeconomic conditions, similar to how gold is traditionally perceived.
He predicts that institutional investment in Bitcoin will increase BTC’s market capitalization to as much as $20 trillion in the coming decades, an increase of more than 3,000% from its current value.
“Yes, digital gold will function just like gold (macro insurance) for big money. This is what I mean by the capitalization of BTC, where it will approach the market cap of gold…
By a conservative estimate (for institutional money) on track and still a long way to go before BTC starts comparing to the gold market cap of 13 trillion (currently).”
Bitcoin, with a market cap of $672 billion, is trading at $34,414 at the time of writing.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney