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November 1, 2023

Bitcoin Enters Bull Market: Analyst Predicts $20 Trillion Market Cap

Aria Mitchell
Written byAria MitchellWriter
Researched byNikos PapadopoulosResearcher

Introduction

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.

Bitcoin Enters Bull Market: Analyst Predicts $20 Trillion Market Cap

Bitcoin as a Safe Haven

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.

Comparing Bitcoin to Gold

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.

Current Market Status

At the time of writing, Bitcoin has a market cap of $672 billion and is trading at $34,414.

Conclusion

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.

About the author
Aria Mitchell
Aria Mitchell
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From Rotorua's scenic landscapes, Aria Mitchell shines as New Zealand's leading expert in localizing online casino content. Marrying Kiwi essence with global gaming insights, she's the name trusted nationwide.

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