Pseudonymous cryptocurrency analyst Dave the Wave believes that Bitcoin (CRYPTO: BTC) is entering a new bullish chapter.
On Friday, the analyst tweeted that if he were a “betting man,” he would take note of Bitcoin’s weekly moving average convergence divergence (MACD).
The weekly #btc MACD.
If I were a betting man….pic.twitter.com/Hm5UzNr3tT
— dave the wave (@davthewave) March 24, 2023
Dave the Wave also suggested another way to look at Bitcoin’s price performance is to price it in gold rather than in U.S. dollars. He said that, over 20 years, BTC could reach the same market cap of gold, which would imply a 22x price increase.
Mapping BTC against USD to give the LGC is fine as long as prices move exponentially.
But strictly speaking, the LGC will only really plateau against XAU IMO. pic.twitter.com/BxqMevCNHC
— dave the wave(@davthewave) March 24, 2023
At the time of writing, Bitcoin was trading at $27,813, 2% down in the last seven days.
Another pseudonymous trader, Cantering Clark, said that Bitcoin looks bullish after absorbing a sell-off last Friday. He explained that BTC bulls have the upper hand as long as Bitcoin trades above support at $27,000.
“So we failed to break out of the inside day setup, and instead, it looks like we accumulated a bit of panic selling below. Coin margined OI (open interest) is up, probably due to hedging, and some long stablecoin margined OI is down, part of the flush. I grabbed a long as long as yesterday’s lows hold,” he tweeted on Friday.
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