In the last relaxation rally of the crypto money market, the leading crypto Bitcoin saw above $ 28 thousand and retreated. Now, he continues his struggle just under this psychological resistance. Analysts share their predictions for BTC’s next moves.
Bitcoin may be entering its new bull phase!
Closely-followed analyst alias Dave the Wave says evidence shows Bitcoin (BTC) entering a new bullish period as key long-term indicators turn green. The analyst states that Bitcoin will consider the weekly moving average convergence divergence (MACD).
MACD aims to identify trend reversals by recording the convergence or divergence of a particular set of moving averages. Dave the Wave marks six times in BTC history, including now when the MACD is bullish just before major multi-week or multi-month rallies.
Looking at the long term, the popular analyst says that another way to look at Bitcoin’s price performance is to price it in gold rather than US dollars. He suggests that for about 20 years, BTC could reach the same market cap as gold, which could mean a price increase of about 22 times. The analyst explains these views as follows:
Pairing BTC against USD to give LGC is fine as long as prices move exponentially. But to be precise, I think LGC will just plateau against XAU (gold)… 22x gives a BTC market cap of 12 trillion USD (in 2023 terms). This is close to the current market value of gold of $13 trillion. Of course, in the 2040s (even if the name is USD) it will be priced in a different currency. It is best to say that 1 BTC can equal 400 ounces of gold.
Regulatory uncertainty means Bitcoin steals the show
Benjamin Cowen, a widely followed crypto analyst, warns altcoin investors that regulatory uncertainty means that Bitcoin will likely dominate other digital assets. The analyst says that although BTC’s rally in 2021 will be followed by a massive altcoin surge, the leading crypto will surpass other digital assets. In this context, the analyst makes the following comment:
I think people should be a little careful assuming that the altcoin market will follow Bitcoin just because it’s in 2021. There are many examples you can look at to show that the altcoin market does not always follow Bitcoin after these rallies and therefore the altcoin market is likely to lead to a devaluation of Bitcoin pairs.
Cowen also closely monitors the Bitcoin Dominance index (BTC.D), which tracks how much of the total crypto market cap is owned by the leading crypto. According to Cowen, BTC.D will likely remove the critical resistance area, citing uncertainty in altcoin markets due to regulatory pressure. A rising BTC.D chart shows that Bitcoin is rising in value faster than altcoins, or altcoins are depreciating faster than BTC. Based on this, the analyst makes the following statement:
I know there are a lot of people who think that BTC.D will come back this way. But I think it’s much more likely to break. I think the relative uncertainty of regulation risk regarding the altcoin market, not knowing whether they are securities or not, and again the risk of recession that hasn’t fully materialized but could happen this year (or) early next year. I believe altcoins will not provide shelter during this time. But Bitcoin can provide a relative shelter.
Fed money printing won’t start new Bitcoin rally
Nicholas Merten, a closely followed crypto strategist and host of DataDash, says that even if the Federal Reserve gets its money printers working again, Bitcoin probably won’t spark new rallies. The analyst predicts that even if the Fed starts printing money again, the king predicts that the crypto will drop to around $14,000. He explains his prediction on this matter as follows:
Bitcoin, like other assets, is going through a period where the Fed can no longer save it with the excess money it had in the past, and we need to keep that in mind.
According to Merten, the leading crypto is currently in the middle of a relief rally. The analyst expects BTC to drop to levels where FTX, a former crypto exchange, crashed last November. He expresses his views on this matter as follows:
I want to continue and re-emphasize that this is what I think is going to happen here. I think it’s a relief rally. It will roll back to the lows of $14,000 or $15,000 on FTX’s crash.
cryptocoin.comAs you follow, former Coinbase chief technology officer Balaji Srinivasan made a million-dollar bet on Bitcoin. Merten also explains why he thinks Srinivasan’s last million dollar bet will go wrong. For this he says:
Talking heads like Balaji, who are a little too confident in their bets, need to be confident, because the momentum is now behind them, to protect your wealth, you have to withdraw your money from the bank and put it in Bitcoin. They almost certainly put a million dollars in there, so it must be real. Don’t listen to talking heads like Srinivasan who are telling you to put absolutely everything in. Otherwise you will lose all your money right now. The only time you should listen to this is when there are people warning you about taking excessive risks that could cause you to lose your money, such as leverage trading.
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