The BTC bull narrative seems to be going strong and as it was reported by our Bitcoin news just days ago, the opening of the current month was upsetting for Bitcoin (BTC) for only one reason: the open of the December candle sparked a “sell” signal for the currency’s price on the Market God v7 indicator which is designed by Thies the known crypto analyst.
The analyst noted that he made the indicator to “eliminate” emotion from his trading and instead rely on algorithm-driven signals and plans to “short the corn”. This was looked upon as bearish, because the previous time the indicator gave signal was in April, which was before the move that took the price of Bitcoin (BTC) to $ 3,150 from five digits, before giving a buy signal near the bottom.
Nonetheless, according to Thies’s latest check of the indicator, the “sell” signal dissolved as bears failed to continue pushing for lower Bitcoin (BTC) price. The last time this happened was in May of 2018, before Bitcoin’s prolonged historic fall from the $10,000s to the $3,000 in the seven-odd months that followed as per the BTC news previously reported.
Irrespective of the evaporation of Theis’ “sell” signal on the one-month hints that bulls are beginning to gain strength on a macro level again, probably in expectation of the Bitcoin (BTC) halving expected in May 2020. Thies’s signal or the lack of the same, give the signal that bullish convergence is building for Bitcoin investors.
On Friday, Hans Hauge, a senior quantitative researcher at Ikigai Asset Management- crypto fund based in Los Angeles- posted a large Twitter thread on why the outlook of Bitcoin (BTC) continues in a wildly positive heading out years into the future which shows that the BTC bull narrative is still strong.
As per the recent analysis from Deutsche Bank, in which the multinational banking juggernaut gave an estimation that the number of Blockchain Wallet (blockchain.com) users could surpass over 200 million- about six times higher than where the sum finds itself at this time- by 2030. In the same report was included a professional opinion of certain analysts from Deutsche Bank, who claimed that Bitcoin (BTC) can replace fiat should issue persist in the financial system. In addition, he mentioned that the (former) chief executive of Bitcoin exchange and infrastructure company Bakkt is now a U.S. Senator.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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