Cryptocurrency Bitcoin Market Falling Trends
The crypto analyst who called Bitcoin's May 2021 crash lays out the potential path for BTC to hit the six-figure mark this year. The pseudonymous analyst known as Dave the Wave tells his 94,000 Twitter followers that Bitcoin is still on track to break above $100,000 this year – but there's a catch. While the Dave the Wave chart shows a strong rally to around $120,000 at the end of this year, it also predicts a deep capitulation to around $25,000 before any bullish action can begin. When asked if geopolitical factors such as war in Europe, crushed supply chains and rising oil prices would weigh on Bitcoin, the crypto analyst says these conditions could actually be bullish for BTC, giving it the ability to step away from its shadow as a speculative asset. While the crypto analyst says Bitcoin has the potential to be bullish in the coming months, he says BTC currently looks bearish from a high time frame perspective. Dave the Wave points out that BTC's Moving Average Convergence Divergence (MACD) is still flashing red on the monthly time frame. The MACD is a trend following indicator that determines the strength of a bullish or bearish momentum. Data from Cointelegraph Markets Pro and TradingView shows that after holding $41,000 in the early hours of trading on March 4, a wave of afternoon selling pushed the price of BTC below $39,100. Another independent market analyst, Michaël van de Poppe, has highlighted various important resistance areas to keep under the radar for whether BTC price will rally through the weekend. With a chart, Van de Poppe observed that with the Russian invasion of Ukraine, Bitcoin is falling and fear is also rising while Gold is surging higher. Additionally, Van de Poppe says he is eyeing between $43,100 and $43,500 as a potential resistance point; a bounce can also be seen on the horizon on closer inspection. According to the seasoned billionaire investor, there is a chance that Bitcoin will become the new reserve currency for countries in times of emergency. This, he notes, would allow them to control their valuable assets without fear of sanctions cutting them off from their foreign exchange reserves. Here is some of what Miller said "So I think if you're a country that has an unreserved currency - there's about a hundred of them - you might think of saying, 'You know what, maybe we could have something else there -low that other countries cannot harm us and is immune to inflation or manufacturing in larger quantities. It should be noted that Miller is heavily invested in Bitcoin. In fact, he's so bullish that his crypto-related investments now make up 50% of his personal holdings. This could be another reason why the market-beating fund manager refers to other cryptos as only “adventure investments” compared to, as he puts it, the uniqueness of BTC.
