bitcoinKnown for successfully predicting the collapse of May 2021, Dave the Wave made a new prediction on his Twitter account. According to the analyst’s predictions, the BTC price can earn up to 40 times in the long run. Here is the approach behind the analyst’s claim.
Koinfinans.com Stating that as we reported, Bitcoin market can gain about 40 times if it is equal to the market value of gold in the coming period. Dave the WaveAlthough he was not the first analyst to use this approach, he managed to come to the fore.
Looking at the data presented by CoinMarketCap, it can be seen that the current value of Bitcoin is ~$350 billion. taken from different sources gold data point to a market value of ~11 trillion dollars. According to Dave the Wave, the ‘gold market’ that Bitcoin targets for market cap is at a level that can be completed in about 20 years.
Dave the Wave also shared his forecast for the current outlook, underlining that Bitcoin’s MACD indicator could soon show whether the market has bottomed out.
“Weekly MACD passed/printed. The last local downtrend is now equal to the previous uptrend. Monthly close with a strengthening/contraction histogram will go a long way toward proposition if not confirming a bottom.”
The MACD is also known as a trend-based momentum indicator that shows the relationship between two exponential moving averages of an asset and is used by traders to detect reversals.
The analyst also underlined that a technical measurement reveals that the current bear market has corrected more than before.
“We’re seeing several charts comparing the nominal declines of bear markets to the current 74% drop, which appears to lag behind the previous 84% drop. In real terms measuring real values on a logarithmic scale, this correction has actually been corrected further – over 38%.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.