Bitcoin Price To Surge By 40X! Here’s The Timeline

The post Bitcoin Price To Surge By 40X! Here’s The Timeline appeared first on Coinpedia Fintech News

Bitcoin had been maintaining the $19,000 threshold for a week. However, due to a rise in bearish pressure, the currency has lost the $19,200 support area and is expected to drop even more if the volatility continues in this manner. 

At the time of publication, Bitcoin is changing hands at $19,102 after a drop of 1.58% over the last 24hrs. The flagship currency’s immediate support lies at $19,000 and the resistance is positioned at $19,200.

Amid instability and chaos, a well-known crypto analyst and trader, known as Dave the Wave, is predicting a 40x price jump for Bitcoin.

Bitcoin Price To Jump 40x

Dave informs his 127,500 followers over Twitter that if Bitcoin follows in the footsteps of Gold and trades similarly, it will see a jump of 40x.

How about a #Bitcoin 40x? Beats a 10x buy… pic.twitter.com/Jkxw9q74ay

— dave the wave (@davthewave) October 10, 2022

The present market cap of Bitcoin is at $365 billion while Gold’s market cap lies around $11 Trillion. Further, the analyst believes that Bitcoin’s 40x target will be achieved in the next 20 years.

Over a 20 year period, works out to 17% compounded.

— dave the wave (@davthewave) October 10, 2022

Next, the strategist talks about Bitcoin’s moving average convergence divergence (MACD) and claims the indicator will soon predict if the King currency has hit market bottom.

#Bitcoin

Weekly MACD crossed/ printed. Recent local down-trend now equal to the previous run-up.

A monthly close with a strengthening/ contracting histogram will go some way towards significantly suggesting [if not confirming] a bottom. pic.twitter.com/jKLevu1bQf

— dave the wave (@davthewave) October 10, 2022

MACD is an indicator which indicates the relationship between asset’s two exponential moving averages (EMA). Market participants use the readings to know trend reversals.

Moreover, the expert points towards nominal declines in the bear market and says that the market has already experienced a correction.

#Bitcoin

Seeing a few charts comparing nominal declines of bear markets with the current 74% decline seen as falling short of the previous 84% decline.

In real terms that measure real values on the logarithmic scale, this correction has actually corrected further – over 38%. pic.twitter.com/g5Ug1WmobJ

— dave the wave (@davthewave) October 7, 2022