{"id":458840,"date":"2021-03-17T01:00:58","date_gmt":"2021-03-17T01:00:58","guid":{"rendered":"https:\/\/ktsl888.com\/?p=458840"},"modified":"2024-06-11T10:09:33","modified_gmt":"2024-06-11T10:09:33","slug":"bitcoin-reset-its-off-races-again","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-reset-its-off-races-again\/","title":{"rendered":"Following Bitcoin \u201cReset,\u201d It\u2019s \u201cOff To The Races Again”"},"content":{"rendered":"
Even with an ongoing bull trend and another round of stimulus money rolling out, Bitcoin price<\/a>\u00a0has pulled back from highs set over the weekend.<\/p>\n 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.<\/p>\n 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<\/a>.<\/p>\n Related Reading | Bitcoin Could Close March With First Ever Quarterly Bear Signal<\/a><\/strong><\/em><\/p>\n 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.<\/p>\n While there’s no arguing that Bitcoin’s long-term value should bring it to prices of hundreds of thousands per coin, according to one crypto analyst, a great “reset” could be coming<\/a> for the top cryptocurrency by market cap.<\/p>\n <\/p>\n According to cryptocurrency analyst Dave the Wave<\/a>, who has supplied accurate analysis to the community through his Twitter soapbox for years now, Bitcoin could be looking at a strong “reset.”<\/p>\n Things might have taken off too quickly and too powerfully<\/a> 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 plunging down fast and furious.<\/p>\n Related Reading | Data Shows Bitcoin Peaks Last Roughly 40 Days: When To Sell Your Coins<\/a><\/strong><\/em><\/p>\n 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<\/a>.<\/p>\n 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>.<\/p>\n A potential fall to the LMACD’s “zero-line” could be in the cards, immediately followed by the crypto asset being back “off to the races” once again.<\/p>\nBitcoin Peak Is Nigh, Massive “Reset” Could Be Incoming<\/h2>\n
The analyst expects a fall back to the \"zero-line\" on the MACD | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
How Long Before Cryptocurrency Bulls Are Back Off To The Races Again?<\/h2>\n