Even with an ongoing bull trend and another round of stimulus money rolling out, Bitcoin price has pulled back from highs set over the weekend.
According to one crypto analyst, this could be the start of a more significant “reset” before its” off to the races” once again for the scarce digital currency. Here’s a look at the analyst’s chart and the factors backing up their contrarian theory.
Bitcoin Peak Is Nigh, Massive “Reset” Could Be Incoming
By all definitions of the term, Bitcoin is in an uptrend, and the greater cryptocurrency market with it. The nascent technology is being adopted by institutions and investors at a rapidly expanding rate, all while the dollar itself is devalued due to inflation.
Related Reading | Bitcoin Could Close March With First Ever Quarterly Bear Signal
The environment has been the perfect storm for the cryptocurrency to thrive, given its hard-capped supply of only 21 million BTC. Even less are circulating and millions are lost or locked away forever.
While there’s no arguing that Bitcoin’s long-term value should bring it to prices of hundreds of thousands per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, according to one crypto analyst, a great “reset” could be coming for the top cryptocurrency by market cap.
The analyst expects a fall back to the "zero-line" on the MACD | Source: BTCUSD on TradingView.com
How Long Before Cryptocurrency Bulls Are Back Off To The Races Again?
According to cryptocurrency analyst Dave the Wave, who has supplied accurate analysis to the community through his Twitter soapbox for years now, Bitcoin could be looking at a strong “reset.”
Things might have taken off too quickly and too powerfully for Bitcoin price this time around, causing the LMACD to become overextended and brushing up against a long-term trendline. If the weekly MACD crosses down, momentum will take the price per » Read more