A trader who accurately called Bitcoin\u2019s (BTC<\/a>) May 2021 crash believes that the king crypto just officially entered a bull market.<\/p>\n Pseudonymous analyst Dave the Wave tells<\/a> his 140,900 followers on the social media platform X that Bitcoin\u2019s moving average convergence divergence (MACD) indicator on the monthly chart has now flipped bullish after crossing over the zero level.<\/p>\n The MACD is a momentum indicator that can signal the reversal of an asset\u2019s trend.<\/p>\n \u201cBTC monthly MACD now crossing the zero-line into official bull territory.\u201d<\/em><\/p>\n Dave the Wave says<\/a> 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.<\/p>\n He predicts<\/a> that institutional investment in Bitcoin will send BTC\u2019s market cap soaring to as high as $20 trillion, a more than 3,000% increase from its current value, in the coming decades.<\/p>\n \u201cYup, digital gold will come to function just as gold does (macro insurance) for the big money. This is what I mean by the capitalization of BTC where it will approach the market cap of gold\u2026<\/em><\/p>\n At a conservative estimate (for institutional money) on track and still a far way to go before BTC starts to compare with gold\u2019s market cap of 13 trillion (currently).\u201d<\/em><\/p>\n Bitcoin, with a market cap of $672 billion, is trading for $34,414 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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