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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.
This chart by the community analyst illustrates the contrarian theory behind Bitcoin’s upcoming peak. Bitcoin Peak Is Nigh, Massive “Reset” Could Be ComingBy all definitions of the term, Bitcoin has a strong uptrend, and that trend will continue. New Bitcoin and Bitcoin Cash users receive 5 BTC + 300 Free Spins for their first months of play & 15 BTC + 35,000 Free Spins every month. This is the first step in our cryptocurrency revolution.
Read More | Bitcoin could close out March with the first quarterly bear signal the cryptocurrency has seen in recent history, as its hard cap of 21 million has made it one of the most favored options in the market.
Almost none of Bitcoins are circulating, and millions have been lost or locked in vaults for all time. There is no arguing that it will eventually reach prices of hundreds of thousands per CoinA coin is a unit of digital value. 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
As the MACD crosses downward, momentum will carry the price per Coin. A coin is a digital value unit. Bitcoins are a decentralized currency built by the Bitcoin technology and are self-contained, unlike traditional tokens that may be used to build software.»
While there’s no arguing that Bitcoin’s long-term value should bring it to prices of hundreds of thousands per Coin
The analyst expects a fall back to the "zero-line" on the MACD | Source: BTCUSD on TradingView.com
Let's take a look at the chart and the reasons behind the contrarian opinion.Bitcoin Peak Could Be Nigh, Massive "Reset" Could Be ComingBy all definitions, Bitcoin is up, and the greater crypto market with it.
New Bitcoin casino offers new players 15 BTC + 35.000 Free Spins each month, only at mBitcasino, while the dollar is devalued over time. 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 Coin
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At the same time, price action is trading at the top of a long-term logarithmic growth channel that has acted as the exact peak of past bull markets.
The pseudonymous analyst is a champion of the log scale, charting crypto assets like Bitcoin using logarithmic growth curves and a logarithmic version of the MACD.
A cryptocurrency is built using the Bitcoin technology and has no other value, unlike tokens which can ultimately be used to build software.
?? However, in the past, the analyst’s accuracy makes this contrarian take one that cannot be ignored.
Featured image from Deposit Photos, Charts from TradingView.com
