Bitcoin, the largest cryptocurrency by market cap, is struggling to stay above $19,000 at the time of writing. The fact that BTC exhibited such a price movement caused investors to wonder what would happen in the future. Dave The Wave, a cryptocurrency analyst who knew about the collapse in May of last year, conveyed what would happen. Here are the details…
Cryptocurrency analyst points to 40x bullish for Bitcoin
A popular crypto analyst, who is known to have predicted the Bitcoin May 2021 crash correctly, thinks BTC is on its way to 40x gains in the long run. The analyst, known as Dave the Wave, posted his new predictions to his 127,500 Twitter followers. The analyst says that if Bitcoin matches the market cap of gold in the future, it will equate to an increase of about 40 times.
How about 40x on Bitcoin? Beats the thought of buying 10x.
Bitcoin’s market cap is currently around $350 billion. According to other data, the market value of gold is currently around $11 trillion. According to the crypto analyst, BTC’s big target for market cap could be reached in two decades. The change in gold marks an overall increase of 17 percent over a “20-year period,” according to the analyst. Dave the Wave also states that Bitcoin’s moving average convergence/divergence divergence (MACD) could soon indicate whether BTC has bottomed out. The analyst used the following statements:
Weekly MACD is broken/formed. The last local downtrend is now equal to the previous uptrend. The monthly close with a strengthening/contraction histogram will go the way towards suggesting the bottom significantly.
What other metrics should you pay attention to?
The MACD shows the relationship between two exponential moving averages of an asset. It is used by traders to detect returns. The analyst also says that one measurement shows that this bear market has corrected more than before. The analyst says that “the nominal declines of bear markets show that the previous 84 percent decline is behind us.” The current level is 74 percent. Dave The Wave uses the following expressions:
In real terms measuring real values on a logarithmic scale, this correction actually saw further declines. It’s over 38 percent.
Analyst’s previous predictions
As we reported on Kriptokoin.com, Dave The Wave is a well-known analyst in the field for his predictions on cryptocurrencies. The trader pointed to a high of $6,400 in BTC in 2019. By the middle of the year, this price prediction turned out to be correct. On the other hand, the analyst predicted that in the past years, BTC would first rise to $11,000 and then fall to $8,000. Finally, as we mentioned above, it warned before the decline at the end of May.
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