Dave the Wave: Long-term bitcoin indicators turn greenBitcoin may be entering a bullish phase. The cryptocurrency's long-term metrics are turning positive.
Dave the Wave is the analyst who predicted the collapse of bitcoin in 2021. Now he tells his 140,000 Twitter followers: bitcoin is going green.
The analyst turned his attention to the MACD, the weekly convergence-divergence of bitcoin's moving averages. The MACD is an indicator that detects trend changes based on the convergence or divergence of moving averages. Dave the Wave has noted six times in bitcoin history when the MACD has turned bullish right before a major rally that has been going on for weeks or months. One of them is now.
In the long run, Dave suggests valuing BTC in dollars or gold. He thinks: within 20 years, bitcoin will reach the capitalization of gold. That would yield 22 "X's."
22x would give BTC a market capitalization of $12 trillion [converted to 2023]. That is almost equivalent to the current market capitalization of gold, $13 trillion.
For now, bitcoin is struggling to hold $28,000, trading sideways.
Earlier, analyst Benjamin Cohen looked at the prospects for ether. He thinks: the second largest coin is not ready for a bullish rally.
