November 1, 2023
A trader who accurately called Bitcoin’s May 2021 crash believes that the king crypto has officially entered a bull market. Pseudonymous analyst Dave the Wave points out that Bitcoin’s moving average convergence divergence (MACD) indicator on the monthly chart has flipped bullish after crossing over the zero level.
Dave the Wave predicts that investors from traditional finance will increasingly invest in Bitcoin as a safe haven from uncertain macroeconomic conditions, similar to how gold is traditionally perceived. He believes that institutional investment in Bitcoin will send BTC’s market cap soaring to as high as $20 trillion in the coming decades, a more than 3,000% increase from its current value.
Dave the Wave compares Bitcoin to gold, stating that it will come to function just as gold does for the big money, serving as macro insurance. He notes that Bitcoin's market cap is currently far below gold's market cap of $13 trillion, but he expects BTC to approach that level in the future.
At the time of writing, Bitcoin has a market cap of $672 billion and is trading at $34,414.
Bitcoin has officially entered a bull market, according to analyst Dave the Wave. He predicts that institutional investment in Bitcoin will continue to increase, driving BTC's market cap to new heights. Investors from traditional finance are expected to view Bitcoin as a safe haven asset, similar to gold. With its potential to reach a market cap of $20 trillion in the coming decades, Bitcoin's value could increase by over 3,000%. It remains to be seen how Bitcoin will compare to gold, but Dave the Wave believes that BTC will approach gold's market cap in the future.