Many cryptocurrency experts believe that Bitcoin (BTC), which reclaimed $40,000 in a 3.5% swing after a week-long dip, has a bright future.
TechDev, a popular Bitcoin technical analyst, predicted to his 381,000 Twitter followers that the direction for the largest cryptocurrency market cap in the future will be up.
His April 14 chart made a comparison between Bitcoin’s rise over the past six year and the dramatic rise in the Dow Jones Industrial Average’s value during the ’80s, ’90s. Although past performance does not guarantee future returns, there are similarities in the historical price action that would suggest that the Bitcoin price will continue to rise if it is repeated. According to the analyst, “Times are changing.” Assets chain. Macro aggregate human behavior often doesn’t. #BTC”
Times change. Assets can change. Macro aggregate human behavior usually doesn’t.#BTC pic.twitter.com/NFhUA2hcYH
— TechDev (@TechDev_52) April 13, 2022
Lead Insights Analysts from Bitcoin mining company Blockware Solutions Will Clemente stated that BTC is in an “area of heavy opportunity” based data compiled by his firm as well as blockchain analytics firm Glassnode.
On April 14, he tweeted that this was also the longest Bitcoin-related time ever spent in the area.
Bitcoin has only been in the zone of high opportunity a handful of times before. (green) This is the longest time that Bitcoin has been in the zone. pic.twitter.com/bvQr4FZqFC
— Will Clemente (@WClementeIII) April 13, 2022
Raoul Pal, founder of Real Vision and crypto investor, appeared on the Layah Heilpern Show YouTube on April 13 to discuss macroeconomic effects as well as cryptocurrency. He stated that, despite all the challenges that crypto has faced over the last two years, including rising inflation and COVID pandemics, cryptocurrency has not fallen to new lows.
He said that this is usually a sign that the market has reached its bottom.
Pal also supports Terra’s (LUNA), large purchases of BTC as collateral for its algorithmic TerraUSD stablecoin (UST). He continued:
“We will see sovereign wealth funds investing in Bitcoin, as it is a long-term savings asset.”
Do Kwon, Terra founder, is on a mission with UST to collateralize UST. The Luna Foundation Guard purchased 2,500 BTC for about $100 million and Terra founder Do Kwon has about $3 billion in BTC. Its current holdings are now 800 coins less than Elon Musk’s Tesla, which has 42,200 BTC.
Investors may not be as optimistic as they once were. Santiment analysts said on April 7th that Bitcoin would have to settle at or exceed $50,000 by April 11. This was in order to “give more credit the thesis that states: this cycle has been different from the others.”
Related: Brazilian Senate approves the upcoming ‘Bitcoin law.
April 11 is over, but $50,000 is still a distant dream. Cointelegraph data indicates that BTC has reclaimed $40k during a pump that lasted approximately an hour between 1pm and 2pm UTC on April 13. It is now trading at $41,385.